Spirits giant Diageo has increased its shareholding in India's United Spirits Limited (USL) by approximately 0.70% to 55.9%.
Diageo purchased 5,075,000 shares of USL from the National Stock Exchange of India for INR 693.25 (€8.60) per share.
India is one of the world's most exciting growth markets for alcoholic beverages and the move is in line with Diageo's long-term strategy to capitalise on this opportunity, the company said.
In the first half of fiscal 2020, USL's 'Prestige and Above' segment grew by 5% in India, driven by the sales of Johnnie Walker and Black & White, the company said.
In August of 2019, Diageo purchased more than 3.3 million shares in USL to boost its shareholding to 55.2%.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
