{"id":17534,"date":"2012-11-09T13:16:24","date_gmt":"2012-11-09T13:16:24","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=17534"},"modified":"2012-11-09T13:16:24","modified_gmt":"2012-11-09T13:16:24","slug":"diageo-targets-indian-drinkers-with-2bn-deal","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2012\/11\/diageo-targets-indian-drinkers-with-2bn-deal\/","title":{"rendered":"Diageo targets Indian drinkers with $2bn deal"},"content":{"rendered":"

\"\"<\/a>

London-listed Diageo is expanding aggressively in emerging markets\/XINHUA-File<\/p><\/div>MUMBAI, Nov 9 – British drinks group Diageo announced a $2billion deal on Friday to buy up to 53.4 percent of India’s leading spirits maker, giving it a commanding presence in the world’s biggest whisky market.<\/p>\n

London-listed Diageo, which is expanding aggressively in emerging markets, is to initially buy a 27.4 percent stake in United Spirits for \u00a3660 million, which will trigger a public offer to other shareholders.
\n<\/strong>
\nThe offer for a further 26 percent, taking the total shareholding to 53.4 percent for an estimated outlay of \u00a31.285 billion ($2.1 billion), will see USL investors paid 1,440 rupees a share.<\/p>\n

The acquisition throws a financial lifeline to USL’s Indian boss, Vijay Mallya, whose business empire spanning Formula One and fertilisers has been hit by the near bankruptcy of his Kingfisher Airlines.<\/p>\n

“I am delighted at the opportunity Diageo has to be part of India’s large and growing local spirits market,” said Diageo chief executive Paul Walsh in the statement.<\/p>\n

“As a result of the agreements we are announcing today we will be well positioned to take the growth opportunities presented by a spirits market where growth is driven by the increasing number of middle-class consumers.”<\/p>\n

Analysts say Diageo, owners of a large scotch portfolio including Johnnie Walker, will gain a significant foothold in India’s lucrative local spirits market, where it trails global rival Pernod Ricard of France.<\/p>\n

Diageo, the world’s biggest distiller, owns brands including Baileys liqueur, Captain Morgan rum, Guinness stout, Smirnoff vodka and Tanqueray gin, in addition to Johnnie Walker, a popular tipple at upmarket Indian social gatherings.<\/p>\n

The British brewing giant has recently completed takeovers of other emerging market companies including Turkish spirits group Mey Icki and Ethiopian brewer Meta Abo.<\/p>\n

United Spirits is India’s second-largest maker of alcoholic beverages by market value and its biggest spirits maker, producing brands including McDowell’s No.1 whisky, Romanov vodka and Four Seasons wines.<\/p>\n

Cigar-puffing Mallya, a one-time billionaire known for his brash style and ostentatious lifestyle, has seen his business reputation battered by losses at Kingfisher Airlines, which has debt estimated at $2.49 billion.<\/p>\n

Last month India’s aviation regulator suspended the flying licence of the airline citing safety concerns. Kingfisher’s planes have not flown since October 1 following a pay dispute with workers.<\/p>\n

Mallya, who took over his father’s business, will remain chairman of United Spirits, as well as of his own holding company, Bangalore-based United Breweries Group.<\/p>\n

“I have not sold any family silver or jewellery. I have only embellished them,” he told reporters on a conference call on Friday.<\/p>\n

Jigar Shah, head of research with Kim Eng Securities in Mumbai, said that Diageo would vastly expand its distribution network in India.<\/p>\n

“This is a big market that Diageo was missing out. They now get a foothold into a market which is one of the fastest and biggest in the world,” he said.<\/p>\n

United Spirits is India’s leading spirits maker with market share of 53 percent in India and 5.2 percent globally, according to Kim Eng Securities research.<\/p>\n","protected":false},"excerpt":{"rendered":"

MUMBAI, Nov 9 – British drinks group Diageo announced a $2billion deal on Friday to buy up to 53.4 percent of India’s leading spirits maker, giving it a commanding presence in the world’s biggest whisky market. London-listed Diageo, which is expanding aggressively in emerging markets, is to initially buy a 27.4 percent stake in United […]<\/p>\n","protected":false},"author":12327,"featured_media":17535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,3],"tags":[],"coauthors":[],"class_list":["post-17534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kenya","category-world"],"yoast_head":"\nDiageo targets Indian drinkers with $2bn deal - Capital Business<\/title>\n<meta name=\"description\" content=\"MUMBAI, Nov 9 - British drinks group Diageo announced a $2billion deal on Friday to buy up to 53.4 percent of India's leading spirits maker, giving it a Kenya breaking news | Kenya news today |\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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