PTI
Hinting at inking a bigger deal with Diageo, liquor baron, Mr Vijay Mallya on Friday said, he was willing to offer more than 15 per cent stake in United Spirits Ltd (USL) to the world’s largest spirit maker, and will not oppose if the London-based firm seeks board representation.
“If Diageo wanted a higher stake because they have obviously faith in USL in the Indian market, which perhaps will become the largest single Scotch market in the world, then I have no problem with that at all,” said UB Group chairman, Mr Vijay Mallya.
He said an exercise (talks with Diageo) that started with his intent to monetise treasury stocks in USL is now assuming bigger proportion and he was not opposed to giving board representation to Diageo if the latter wanted.
“Scottish & Newcastle have two directors on the board of United Breweries and if Diageo wants board representation I am not going to stand in the way,” Mr Mallya said.
He did not comment by when talks with Diageo would be finalised saying there were “issue that have to be walked through very carefully and these things take time”.
Mr Mallya, however, hastened to add that while putting a timeline was not appropriate at present but “obviously nobody wants to continue to devote time and attention and pay fees (to advisors) for an indefinite period of time”.
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