Industry news
INDIA: United Spirits acquires Tern Distilleries
Last updated: 24 November 2009
United Spirits,
the India-based spirits firm controlled by billionaire Vijay Mallya,
has acquired Tern Distilleries in the Indian state of Andhra Pradesh. United Spirits, part of Mallya's UB Group, paid INR134m (US$2.89m) to acquire Tern, the group announced today (23 November). Further details were not released. United Spirits saw net profits slide to INR696m in its second fiscal quarter to the end of September, from INR938.9m a year earlier. Net sales, however, were up by 20% to INR10.80bn, with sales volumes rising by 10%. In October, the firm announced plans to raise $350m via a share rights issue.
|Source: just-drinks.com editorial team
