Diageo first agreed on the deal in November

Diageo first agreed on the deal in November

India's competition watchdog has approved Diageo's INR111.7bn (US$2.05bn) United Spirits deal, taking it one step closer to a majority stake in the firm.

In a statement on its website yesterday (28 February), the Competition Commission of India said: “The proposed combination is not likely to have an appreciable adverse effect on competition in India”. The commission's approval is one of the regulatory hurdles Diageo must clear before it can complete the deal, announced in November.

In January, Diageo played down fears the deal will be delayed as the timetable for acquiring public shares was revised.