Last year, the Board of Directors of Pioneer Distilleries Limited & United Spirits Limited at its meeting , approved a scheme of amalgamation in relation to the proposed merger of the Company with its parent company United Spirits Limited under Sections 230 – 232 and other applicable provisions of the Companies Act, 2013 and the rules thereof.

Pioneer Distilleries Limited (PDL), a listed company is engaged in the business of manufacture and sale of extra neutral alcohol, malt spirits, Indian Made Foreign Liquor (IMFL) and other allied products, including bottling operations. PDL is a bulk spirit supplier & bottler to United Spirits Limited. PDL has undertaken capacity expansion during FY17 and FY18 in its plant in Dharmabad, Nanded. However, due to multiple stoppages in the utilities/plants and designing of plant and complexities involved, the plant is being operated at a lower capacity utilization of about 60%.

United Spirits Limited (USL), a listed company is engaged in the business of distilling, rectifying and blending of spirits, and production of ethyl alcohol from fermented material. USL, a 55.24% subsidiary of global spirits leader Diageo, manufactures, sells and distributes a portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff, Captain Morgan and Four Seasons. In 2011-12, USL acquired PDL and as on date, USL holds 75% stake in PDL.

The Transaction

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