India's UB Group has announced a financing package among two of its spirits subsidiaries.

The company, which dominates India's spirits market, said that its Shaw Wallace arm would give a second subsidiary, McDowell & Co., a loan of up to INR2.5bn (US$55.6m) for investment in its business.

Shareholders in Shaw Wallace, in which UB bought a 54% stake last year, also agreed to provide guarantees and securities for an amount equivalent to INR50bn.

The two spirits companies, together Herbertsons and Triumph Distillers & Vintners, form UB's spirits business, United Spirits.

Earlier this month, UB signed a deal with Russian vodka producer Russian Standard that will see the companies distribute each other's products in their respective markets.

United Spirits will export four of its whisky brands to Russia while handling Russian Standard's premium vodka brands in India.