United Spirits (USL) is planning to sell 13 properties, earlier owned by its former Chairman and promoter Vijay Mallya, who has failed to buy back within an agreed deadline.
In February 2016, when Mallya resigned as chairman of USL following a $75-million sweetheart deal with the company’s new owner Diageo, the embattled liquor baron had also entered into a pact that allowed him or a party nominated by him to acquire up to 13 domestic properties from USL within a limited timeframe.
USL received call notices from a party nominated by Mallya indicating its intention to purchase four non-core properties from the company but the said call notices have since expired due to inaction by the party nominated by Mallya. The company secured independent valuation for these properties and had shared the same with Mallya.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.