The Delhi-based drinks group, Radico Khaitan Ltd, is joining forces with Bacardi to bid for the Gilbey's Green Label whisky brand being sold off by UDV India. The joint bid is thought to be the third confirmed interested party, along with Kyndal and the management team led by former UDV India chief, Deepak Roy, who left the company on Friday.

The Gilbey's brand was originally expected to fetch around Rs1.1 billion ($22.7m/€23.2m) but sources are now suggesting the purchase price will be lower as the uncertainty over the future of the brand has led to some erosion of its market share. A purchase price in the region of Rs800,000 to Rs900,000 is now expected for the 2m case business.