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Diageo and Pilot Lite have launched a sustainable packaging company called Pulpex Ltd to develop the paper bottle and collaborate on research and development.
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Diageo is looking to recover dues from Mallya, including USD 135 million given as conditional guarantee to Standard Chartered Bank for the liabilities of Watson
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A division bench comprising justices Jayant Patel and Aravind Kumar gave the direction on petitions by a consortium of banks.
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Dutch beer major Heineken had filed an application before the Debt Recovery Tribunal, seeking to be impleaded in the case to enjoy Right of First Refusal (ROFR) over UBL shares.
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After filing of interlocutory applications by Diagio, UBHL and Kingfisher, DRT Presiding Officer Benakanahalli posted the matter for next hearing tomorrow.
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Sebi is looking into the role of United Spirits and its main promoter UK-based Diageo Plc, as also that of Mallya and his group firms that are or have been shareholders in India's leading liquor maker, a senior official said.
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Diageo Plc, the world's largest spirits company, said on Thursday it had sold its wine interests in Argentina to Grupo Peñaflor for an undisclosed amount.
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In December, a regional Indian court ordered the annulment of the sale in response to a petition by creditors of United Breweries Holdings Ltd , which sold its stake in United Spirits to Diageo through a complicated share transaction.
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The Office of Fair Trading (OFT) had decided on November 25, 2013 to have a fresh look at the USD 2 billion deal, after Diageo offered to divest bulk of Whyte & Mackay (W&M) business to address anti-competition concerns posed by this merger.
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The board at its meeting today considered a potential sale of Whyte & Mackay Ltd. "The board proposes to initiate a process, based on the outline timetable provided under UK law in connection with the decision of the Office of Fair Trading, to explore a potential sale of W&M," United Spirits Ltd (USL) said in a filing to the BSE.
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World's largest spirits make Diageo Plc will use United Spirits, in which it picked 25.02 percent stake for Rs 5,235.85 crore, as the entity to sell all its brands in India as part of plans to consolidate its business in the country.
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Shares in United Breweries Holdings Ltd jump 9.9 percent after CNBC-TV18 and ET Now reported the Karnataka High Court has allowed UBHL to sell its shares in group company United Spirits to Diageo Plc to complete the long-pending deal.
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Nomura maintains its "buy" rating and target price of Rs 2,200 on United Spirits saying Diageo Plc's deal to buy a controlling stake in the Indian spirits maker "remains on track" with all regulatory approvals in place.
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Liquor baron Vijay Mallya today said United Spirits and Diageo Plc have received all regulatory approvals for their Rs 11,166.5 crore deal under which the Indian spirits maker will sell 53.4 per cent to the UK-based firm.
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After seeking clarifications and changes four times in a proposed acquisition of majority stake by UK-based Diageo in UB group's United Spirits Ltd, fair trade regulator CCI has ruled that the deal would give a boost to entry of premium brands in alcoholic beverage market.
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UB Group, the parent of debt-laden Kingfisher Airlines, said it was in talks with lenders to the carrier to cut their exposure by using proceeds from a stake sale in a group company to Diageo Plc
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Shares in United Spirits gain 3.4 percent following media reports that the Securities and Exchange Board of India (SEBI) has cleared Diageo Plc's open offer for the Indian company.
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Market-regulator Sebi has sought additional details from global liquor giant Diageo with regard to its Rs 5,441-crore open offer for acquiring 26-percent stake in UB Group firm United Spirits Ltd.
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Diageo Plc will launch a mandatory share tender offer to buy up to 26 percent additional stake in United Spirits Ltd from public shareholders on January 7, the manager to the offer said in a notice to the Bombay Stock Exchange.
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Indian liquor baron Vijay Mallya's USD 2.1 billion deal to sell a stake in United Spirits Ltd could throw a lifeline to his grounded Kingfisher Airlines Ltd , although pulling the carrier back from the brink will not be easy.
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Liquor baron Vijay Mallya does not know whether a deal for UK drinks giant Diageo Plc to take a stake in his United Spirits Ltd will be struck or not, he said on Saturday.
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Following requests from bourses National Stock Exchange and BSE, market regulator Sebi is investigating the affairs of some Vijay Mallya-controlled UB Group firms for alleged non-compliance with disclosure norms.
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Structural growth slowdown is the main concern for India and the ratings agency will wait for more measures by the government to improve economic growth, Tan told CNBC-TV18 television channel on Wednesday.
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Varun Lochab, director, institutional equities, Religare Capital Markets told CNBC-TV18 that it is still unclear whether Diageo-USL deal will be a primary share issue or stake sale.
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United Spirits today said UK-based Diageo Plc is in talks to buy stake in the Vijay Mallya owned firm.
