INDIA: United Spirits eyes distilleries buy - report
United Spirits closing in on acquisition targets?
United Spirits has entered talks to acquire two distilling firms in India as the company looks to build on strong sales momentum.
UB Group-owned United Spirits has been in talks to acquire Pioneer Distilleries and Sagar Distilleries in India for between INR1.5bn (US$32.5m) and INR1.75bn, according to the country's Financial Express newspaper.
A spokesperson for United Spirits declined to confirm or deny the report when contacted by just-drinks today (4 August). All senior management were in meetings, the spokesperson added.
If confirmed, the acquisitions would help UB Group build on a strong start to the year for both its United Spirits and United Breweries businesses.
United Spirits' net sales for the three months to the end of June rose by 18% on the same period of last year, to INR14.6bn, the Vikay Mallya-controlled firm announced last month.
United Breweries, meanwhile, reported sales volumes up 36% over the same quarter.
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