Liquor baron Vijay Mallya's UB Group is planning to offload its stake in drug firm Aventis Pharma India as part of the group's plans to deleverage by selling its non-core investments.
In a presentation to its investors, the group said it planned to sell its non-core investments, including Aventis Pharma within 12 months, although the group has no intention to sell its stake below the existing market price.
When contacted a UB Group spokesperson said, "We have consistently maintained that non-core investments would be sold. However the price has to be right. No discussions have taken place yet."
The company's shares closed at Rs 890 on Friday.
The move is part of the UB Group's plan to raise cash which includes introducing a strategic partner with a possible sale of up to 14.9 per cent from its treasury stocks in United Spirits Ltd (USL), for which it had talks with the world's biggest spirit maker, Diageo, in New York last month.
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