United Spirits said it sold a residential property in Mumbai‘s Malabar Hill for ₹172 crore.
The transaction, approved by the company’s board, was conducted at arm’s length and was not a related party deal, it said in a stock exchange filing, adding that buyers Ajaykumar and Manisha Vaghani will bear all applicable taxes and fees.
Vaghani owns Hamilton Housewares, the company behind the Milton brand. The property includes furniture, fixtures and fittings and comprises a ground floor and two upper floors.
The agreement does not give the buyers any special rights, such as the right to be directors on its board, use of pre-emptive rights to share subscriptions and limits on changes to capital structure, USL said.
Diageo India has been consolidating subsidiaries and liquidating non-core assets owned by the erstwhile USL promoter Vijay Mallya.
Three years ago, USL sold 32 brands including Haywards, Old Tavern and White-Mischief for ₹828 crore to Inbrew with a five-year franchise arrangement for 11 other brands, including Bagpiper and Blue Riband. Diageo first bought a stake in USL in 2013, taking its holding to a majority by the following year. Mallya stepped down from USL in 2015 and left India the next year amid loan repayment troubles at Kingfisher Airlines.
