Mallya mulls acquisition of New Zealand liquor firm

Continuing with his acquisition juggernaut on foreign shores, liquor baron Vijay Mallya of United Breweries Group has now set his sights on New Zealand-based Independent Liquor.

The world's third-largest distiller, UB Group is evaluating a possible takeover bid for Independent Liquor which is a leading alcoholic beverage maker in the Australia-New Zealand region and is estimated to be valued between $650-725 million.

"Currently, we are in the process of evaluating the firm. Independent Liquor has plans to sell the company. We may make a bid once the valuation process is completed," a top UB group official said.

Independent Liquor has appointed investment banking firm UBS New Zealand to evaluate the company and potential bids for it.

"Following the assessment, the shareholders are now commencing a process for the potential sale of Independent Liquor," UBS said in an e-mail reply.

The process is expected to take upto four months, it added. A possible bid for Independent Liquor is believed to be part of Indian liquor major UB group's plans to strengthen its presence in the Asia-Pacific.

Interested parties are currently being invited to make submissions on their potential involvement in the sale of Independent Liquor and based upon a review of those submissions, a number of groups would be invited to participate in the sale process, UBS said.

Independent Liquor's brands include Woodstock, Vodka Cruiser, Cody's, KGB and Pulse. It also distributes a range of premium beer brands across Australia and New Zealand including Carlsberg, Tuborg and Grolsch.