INDIA: Radico Khaitan to block Diageo JV deal
Radico Khaitan said this week: "The shareholding pattern in Diageo-Radico Distilleries is not to be altered and Diageo Highlands BV and Radico Khaitan will continue to have 50:50 stake in the JV."
The Diageo Radico JV last month received the nod from the Indian Government for Diageo to take a 100% stake in the venture.
However, the Government clearance comes with a rider called Press Note 1 of 2005, under which any foreign company operating in the country through a joint venture has to seek a no-objection certificate from its Indian partner before investing in other firms in the same segment.
A Diageo India spokesperson declined to comment to just-drinks on the issue.
Last year, talks on a tie-up between Diageo and India's United Spirits broke down.
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