Diageo close to deal for United Spirits stake

November 9, 2012

vijay

Mumbai, November 9: Diageo Plc was close to a deal for a stake in liquor baron Vijay Mallya's United Spirits Ltd after months of talks, sources with direct knowledge of the matter said, with a deal likely to be announced as soon as Friday.


Diageo and United Spirits, which has a market value of $3.2 billion, were expected to sign a deal term sheet soon, the sources said, declining to be named because they were not authorised to speak to the media.

The two companies said in September that they were in talks about a possible deal.

Diageo is likely to end up with a 51 percent stake in United Spirits through a combination of share purchase from the owners of the Indian company, buying new shares and launching a mandatory open offer to minority shareholders, sources said.

Other terms, including the deal value, were not immediately available and both companies declined to comment.

Diageo, the world's biggest spirits group and maker of brands including Johnnie Walker whisky, Guinness beer and Smirnoff vodka, has long coveted an expanded presence in India. In 2008 the two sides held talks that collapsed the next year.

The deal would ramp up Diageo's presence in the world's largest whisky market, while Mallya will gain much-needed cash to reduce United's debt. It could also free up funds to revive his grounded Kingfisher Airlines.

At the end of June United Spirits' gross debt stood at $1.6 billion.

Mallya has been scrambling for nearly a year to raise funds for Kingfisher Airlines, prompting speculation that he may offload a stake in United Spirits, India's dominant spirits maker, or United Breweries, the maker of Kingfisher beer.

The airline, which has struggled to pay its staff for most of the year and has not flown for more than a month because of protests and safety concerns, posted a record loss on Thursday but said that a recovery plan was in the works.

Shares in United Spirits have nearly tripled this year, with much of the gains coming in the past four months amid market talk about a possible deal with Diageo. The Mint newspaper said on Tuesday that a deal is likely to be announced this week.

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News Network
July 18,2020

Washington, Jul 18: The government of India has agreed to allow US air carriers to resume passenger services in the US-India market starting July 23, the US Transportation Department said on Friday.

The Indian government, citing the coronavirus, had banned all scheduled services, prompting the US Transportation Department in June to accuse India of engaging in "unfair and discriminatory practices" on charter air carriers serving India.

The Transportation Department said it was withdrawing an order it had issued requiring Indian air carriers to apply for authorization prior to conducting charter flights, and said it had approved an Air India application for passenger charter flights between the United States and India.

A group representing major US airlines and the Indian Embassy in Washington did not immediately comment on Friday.

India's Ministry of Civil Aviation said on Twitter it was moving to "further expand our international civil aviation operations" and arrangements from some flights "with US, UAE, France & Germany are being put in place while similar arrangements are also being worked out with several other countries."

"Under this arrangement," it added, "airlines from the concerned countries will be able to operate flights from & to India along with Indian carriers."

The US Transportation Department order was set to take effect next week. The Trump administration said in June it wanted "to restore a level playing field for US airlines" under the US-India Air Transport Agreement. The Indian government had banned all scheduled services and failed to approve US carriers for charter operations, it added.

The US government said in June that Air India had been operating "repatriation" charter flights between India and the United States in both directions since May 7.

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News Network
April 5,2020

Thiruvananthapuram, April 5: Kerala Health Minister KK Shailaja on Sunday said that the state's preparations for containment of COVID-19 were satisfactory and added that PCR tests were going on in nine laboratories, in which upwards of eight thousand samples have been tested so far.

"Our strategy for the containment of COVID-19 is satisfactory. We are yielding good results from our strategy for tracing, isolation, testing & treatment. PCR test is going on in 9 laboratories. We have tested more than 8000 samples so far," Shailaja told ANI here.

She further said that the state government wanted to implement Rapid test in Kerala and added that they had ample PPEs and N95 masks.

"We want to implement Rapid Test in Kerala. Yesterday, we got 2000 kits; Right now, we have sufficient PPEs and N95 masks. If the number of COVID19 cases increases in the coming weeks then we will need more equipment," Shailaja said.

Keeping up with the need of the hour, the new administrative block of Kasaragod Medical College will soon be converted into a COVID-19 hospital for providing better treatment facilities to the coronavirus patients.

A team constituting 26 doctors and medical staff of the Government Medical College, Thiruvananthapuram will join the efforts of converting the new administrative block into a COVID-19 Hospital in Kasaragod on Sunday.

The total number of COVID-19 positive cases rose to 3,374 in India on Sunday, as per the data provided by the Ministry of Health and Family Welfare.

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Agencies
January 24,2020

New Delhi, Jan 24: The Election Commission of India on Friday told the Supreme Court that its 2018 direction asking poll candidates to declare their criminal antecedents in electronic and print media has not helped curb criminalisation of politics. The poll panel suggested that instead of asking candidates to declare criminal antecedents in the media, political parties should be asked not to give tickets to candidates with criminal background.

A bench of Justices R F Nariman and S Ravindra Bhat asked the ECI to come up with a framework within one week which can help curb criminalisation of politics in nation's interest.

The top court asked the petitioner BJP leader and advocate Ashiwini Upadhyay and the poll panel to sit together and come up with suggestions which would help him in curbing criminalisation of politics.

In September 2018, a five-judge Constitution bench had unanimously held that all candidates will have to declare their criminal antecedents to the Election Commission before contesting polls and had called for a wider publicity, through print and electronic media about antecedents of candidates.

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Satya Vishwasi
 - 
Saturday, 25 Jan 2020

What about those criminals who were already in parliament and vidahan sabhas? shall the ECI cancel their positions?

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