INDIA: UB looks for strategic partner - report
The UB Group is considering selling a 26% stake, according to press reports. The Economic Times said today (31 March) that the spirits company will offer the stake to a strategic partner or a financial partner in a new company that it plans to create by merging all of its four existing group companies, including the newly-acquired Shaw Wallace & Co.
Citing a UB source, the paper said that the process of restructuring UB's spirits business under a single entity will be completed within six months.
The UB Group is the parent of McDowell & Co., Shaw Wallace, Herbertsons and Triumph Distilleries. The current plan is to merge its flagship company McDowell & Co. with Herbertsons, before merging Triumph Distilleries with Shaw Wallace to form a single entity, the paper said.
The group expects its valuation to double to almost US$1bn once all its spirits entities are merged.
Last week, McDowell & Co. said that it will acquire up to 54.54% of Shaw Wallace from Jumbo World Holdings for INR8.5bn (US$194m). The deal makes UB Group the world's second-largest spirits producer, with annual sales of around 60m cases.
The recent acquisition of Shaw Wallace by the Indian UB Group, owned by Vijay Mallya, created the world's second largest spirits producer by volume and significantly enhances UB's already powerful pos...
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The UB Group has reported a 30.38% growth in sales for the first half of the financial year 2006 to INR3.77bn (US$466m)....
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