FDBusiness.com

Diageo has acquired a further 26% of United Spirits for £1.117 billion to increase its stake in India’s largest spirits group in India to 54.8%. Diageo’s prior interest in United Spirits was 28.78%, which was acquired for £726.6 million. Diageo has paid a total of (£1.84 billion for its current stake of 54.8%.

Ivan Menezes, chief executive of Diageo, says: “India has now become one of Diageo’s largest markets and will be a major contributor to our growth ambitions. USL is the leading player in the attractive Indian spirits market with great brands, a unique route to consumer and talented people. We can now combine that strong platform with Diageo’s strengths to create a compelling future in India for Diageo, USL and the Indian spirits industry.”