Liquor baron Vijay Mallaya’s United Spirits to buy share in Pioneer Distilleries

Mumbai : Liquor baron Vijay Mallaya’s United Spirits has planned to buy 54.7 per cent stakes in Pioneer Distilleries at Rs 101 per share.

India’s largest liquor maker said on Tuesday that it has agreed to buy 54.7 per cent stakes in Pioneer Distilleries, which could be a deal of Rs 740 million, as per a primary estimate.

United Spirits will also make an open offer for an additional 20 per cent in Pioneer, the company statement read.