UB earmarks $1bn for Scottish firm buy

The UB group is likely to complete a $500 million acquisition in Scotland next year. The acquisition will put the group in the big league of premium whisky and scotch, the largest liquor segment in the world.

Speaking on the sidelines of the company's annual general meeting, Ravi Nedungadi, CFO of UB group said that the company was close to acquiring an outfit in Scotland though he did not make any comment whether it was looking for Whyte & Mackey, according to reports.

"We are looking at one big acquisition which will cost more than $500 million. This could be in the high-end whisky segment so Scotland would be the natural choice," he said.

He indicated that the acquisition could go up to $1 billion. UB is looking for both brand and manufacturing facility overseas, he said.

Nedungadi pointed out that the focus of the group would be on spirits. "India is not a big beer market so our focus will be on spirits," he added.