McDowell & Co. has completed its acquisition of its rival Shaw Wallace & Co. The transaction, confirmed yesterday (14 June), has created the world's second-largest spirits company by volume.

The purchase cost McDowell INR15.45bn (US$354m).

McDowell's parent company, the UB Group, has leapt from the fourth largest spirits company globally to number two behind Diageo. The newly-combined business will have 140 brands produced at 75 locations across India, boasting total sales in excess of 60m cases annually.