India: Diageo increases stake in India’s United Spirits

Spirits giant Diageo has announced that it has increased its shareholding in India's United Spirits Limited (USL) to 55.2%, ESM reported on August 21.

The company has acquired more than 3.3 million shares, to raise its controlling shareholding position by approximately 0.46%.

Diageo made the purchase on the Bombay Stock Exchange for INR 591.95 (€7.47) per share.

The move places the company in a favourable position to capitalise on opportunities within India, which is considered to be one of the world's most exciting growth markets for alcoholic beverages.

For the financial year 2019, USL posted organic net sales growth of 8%, driven by a 12% increase in the 'Prestige and Above' segment, and double-digit growth in the Scotch category.