INDIA: United Spirits’ W&M buy raises debt - report

By | 16 August 2007

United Spirits' debts have risen following the acquisition of Scottish whisky firm Whyte & Mackay, according to reports.

The United Breweries Group subsidiary has added debts of around INR51.4bn (US$1.26bn) since buying W&M, with total debts of  INR64.5bn ($1.59bn), said UB Group chairman Vijay Mallya.

UB Group CFO Ravi Nedungadi said that there is no repayment of the loan for another 26 months, which means there is no hurry to list W&M on the London Stock Exchange. Nedungadi told local reporters: "There is no compulsion to either liquidate the treasury shares or list W&M."

According to reports, next month the company will launch two new wine brands, Zinzi and Bouvet Ladubay, as well as introduce its W&M brands into the Indian market by November.

United Spirits acquired Whyte & Mackay in May of this year for $1.18bn after a protracted negotiation period.

Sectors: Spirits, Wine

Companies: UB Group, Whyte & Mackay, United Breweries

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