Diageo eyes increased stake in USL

Leading liquor maker Diageo has decided to hike its stake in United Spirits to 55 per cent, a company it had acquired in 2012.

Diageo had initially announced plans to acquire a 53 per cent stake in United Spirits for about Rs 11,000 crore in November 2012. However, Diageo was unable to achieve its target with its open offer to acquire a 26 per cent of USL at Rs 1,440 per share receiving a poor response from investors.