UB Group earmarks $1 b for overseas acquisition
UB Group said on Wednesday that it has earmarked $1 billion for overseas acquisition and did not deny plans for taking over Scottish whisky company Whyte & Mackey as part of its plans to boost global and domestic sales.
Speaking to reporters, UB Group President & CFO, Mr Ravi Nedungadi said that the group was looking at acquisition of spirit company ideally worth $1 billion.
"Due to the issue of confidentiality, I cannot either confirm or deny the news of Whyte and Mackey takeover,” he said when asked about the proposed takeover of the Scottish company.
If the deal comes through, it would be the second largest acquisition of European business after Corus takeover by Tatas (if the latter succeeds in counter bidding with CSN).
He was in the City to attend the AGM of United Spirits, subsidiary of Shaw Wallace & Company Ltd that will be merged in due course with the parent company, sources said.
However, Mr Nedungadi clearly indicated that news about acquisition of a Scotland based whisky company is strongly on cards in 2007.
"We need to have Scotch whisky in our portfolio as more and more Indians have started to switching to premium segment. We are now focusing on the premium segment. Otherwise we will be left with marketing other products be it whisky, wine or white spirit, ” he stated divulging the group’s future roadmap. – PTI
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