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UB Group to consolidate foreign liquor assets
India's UB Group will consolidate its foreign alcohol assets under one brand ahead of a possible overseas listing of the unit, a newspaper reported on Monday, as UB looks to raise funds for struggling Kingfisher Airlines Ltd.
India's UB Group will consolidate its foreign alcohol assets under one brand ahead of a possible overseas listing of the unit, a newspaper reported on Monday, as UB looks to raise funds for struggling Kingfisher Airlines Ltd .
UB will bring its foreign liquor assets under the Whyte & Mackay whisky brand and list the Scottish subsidiary, the newspaper reported citing one unnamed source close to the group, in line with plans first mooted in 2009.
Cash-strapped Kingfisher, controlled by flamboyant liquor baron and UB Group head Vijay Mallya, has been forced to cancel flights and is having trouble making interest payments and paying salaries to employees.
"This is the right time to start the process, as global recovery is months away," the newspaper reported a person close to the group as saying in relation to the Whyte & Mackay plans.
"When we have something to announce, we will first talk to our stakeholders and then we will tell the press," Ravi Nedungadi, chief financial officer of the UB Group told Reuters.
UB acquired Whyte & Mackay, which sells various liquor brands, in 2009 for USD 595 million.
