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April 5, 2001
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Money > Business Headlines > Report April 5, 2001 |
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UB to sell 26% to strategic investorBS Corporate Bureau United Breweries has decided to divest 26 per cent stake to a strategic investor. The move follows several unsolicited expressions of interest received from international breweries. "We will offload 26 per cent stake to an international beer company," group chairman Vijay Mallya said at a press conference. The company has appointed Kotak Mahindra Capital Company as its advisor for the purpose. The deal is expected to be completed during the current financial year. Mallya said: "The purpose of the divestment is to enhance shareholder value. Besides, a foreign player could also bring in well-known brands into India." However, Mallya ruled out the possibility of lowering his personal stake in United Breweries from the present 50 per cent level. In the past, Belgian brewery major Interbrew, Carlsberg and Heineken have evinced interest in the company. The possibility of any of these three firms emerging as a potential partner could not be ruled out, senior UB officials added. Mallya said UB was seeking a foreign partner who would support its moves to expand the global market for the Kingfisher brand, besides helping it capitalise on its dominant position and providing a major international beer label to Indian consumers. "The advantage for the player is that they can leverage on UB's production capacities and the vast distribution network," Mallya added. Kingfisher beer sells around 20 million cases in India and a shade over 1 million cases in the United Kingdom. Powered by ALSO READ:
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