Markets

Diageo acquires more stake in USL

Our Bureau Bengaluru | Updated on March 02, 2020

 

Liquor giant Diageo has said that it has acquired a further 50,75,000 shares (about 0.70 per cent) in United Spirits at ₹693.25 a share for a total consideration of ₹352 crore. The shares which were purchased on the NSE takes Diageo’s controlling shareholding position to 55.9 per cent of USL. “India remains one of the most exciting growth markets in the world for total beverage alcohol. This transaction forms part of Diageo’s long-term strategy of premiumisation within the market. During the first half of fiscal 2020, the ‘Prestige and Above’ segment in India grew by 5 per cent, driven by Johnnie Walker and Black & White,” Diageo said in a statement on Monday Our Bureau

Published on March 02, 2020

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