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Mallya open to stake sale in United Spirits

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Press Trust of India New Delhi

Liquor baron Vijay Mallya today said he is open to selling any level of stake in United Spirits from the treasury stock as long as it is not exceeding the holdings of the promoter, UB Group.

"I am very comfortable with any level of shareholding that a strategic investor such as Diageo may wish to have in United Spirits, as long as their total equity does not exceed the promoter holding," UB Group Chairman Vijaya Mallya told PTI.

UB Group, the promoter of country's largest liquor manufacturer United Spirits, has around 38 per cent stake in the company.

Earlier, Mallya had said that talks were in final stages for a stake sale of up to 14.9 per cent in the group firm United Spirits to the world's number one spirits maker Diageo. USL's command in the Indian spirits market made it an attractive proposition for the foreign company, he had said.

 

Mallya and his senior team comprising UB Group CFO Ravi Nedungadi, USL President and Managing Director Vijay Rekhi, and USL CFO P A Murali held a meeting with their Diageo counterparts in New York last month for the stake sale.

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First Published: Feb 05 2009 | 7:49 PM IST

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