 "United Spirits sells Nepal arm for Rs 21.34 crore")
United Spirits, majority owned by British liquor major Diageo, will sell its entire 82.46 per cent stake in its Nepal unit to its existing shareholder Rajesh Bir Singh Tuladhar for Rs 21.34 crore.
The Nepalese firm would produce and sell United Spirits products under licence in the Himalayan country.
The move, which is part of the company’s strategy to hive off non-core assets, is expected to fetch United Spirits Rs 21.34 crore.
“Following the completion of this sale, the company will hold no shares in United Spirits Nepal and it will cease to be a subsidiary of the company. The company will continue to have a licensing arrangement with United Spirits Nepal pursuant to which products bearing the company’s brand names will continue to be manufactured, marketed and sold in Nepal,” United Spirits said in a notice to the Bombay Stock Exchange (BSE).
United Spirits Nepal reported a revenue of Rs 64.80 crore and a net worth of Rs 4.58 crore as on March 31, 2015.
The Nepalese firm would produce and sell United Spirits products under licence in the Himalayan country.
The move, which is part of the company’s strategy to hive off non-core assets, is expected to fetch United Spirits Rs 21.34 crore.
“Following the completion of this sale, the company will hold no shares in United Spirits Nepal and it will cease to be a subsidiary of the company. The company will continue to have a licensing arrangement with United Spirits Nepal pursuant to which products bearing the company’s brand names will continue to be manufactured, marketed and sold in Nepal,” United Spirits said in a notice to the Bombay Stock Exchange (BSE).
United Spirits Nepal reported a revenue of Rs 64.80 crore and a net worth of Rs 4.58 crore as on March 31, 2015.
