The Scotch whisky group Whyte & Mackay has been named as a third potential bidder for the liquor business of India's Shaw Wallace by local press.

The country's Economic Times pointed out that Shaw Wallace already has a bottling agreement with Whyte & Mackay, which sees it bottle the Scottish company's vodka brand Vladivar for the market.

The newspaper report said that when contacted, Kyndal India's director, Siddharth Banerjee, refused to comment.

Shaw Wallace owner the Jumbo Group has put the liquor business up for sale and employed McKinsey & Co as its broker.

It is thought that the other two bidders are Vijay Mallya's UB group and the Ramesh Vangal-Newbridge Capital combine.