Spirit group Diageo this morning confirmed it is in talks to acquire a stake in United Spirits.
It is understood that Diageo, the world’s largest spirits maker, is trying to buy a 15 per cent stake from Indian billionaire Vijay Mallya’s group, to ramp up its presence in the Indian spirits market.
In 2008, the two sides held talks that collapsed. Both groups stressed that the discussions this time may not lead to a sale.
Diageo shares were up 1.86 per cent on the news during lunchtime trading.
City A.M. Reporter