United Spirits Ltd (USL) is believed to have neared a deal to sell 49 per cent stake in its flagship subsidiary, Scotland-based Whyte & Mackay, which it had acquired through a USD 1.2-billion deal in 2007. The deal is one of the measures towards settlement of the Rs 8,600-crore debt that is hovering over USL,
according to a Business Standard report. In four major steps during the past two years, the company has raised Rs 2,500 crore to pay back part of the debt.
Vijay Mallya, Chairman, UB Group, is racing against time to undo the Rs 8,000-crore debt burden on Kingfisher Airlines. UB Group promoters hold close to 28 per cent stake in USL, which has a market capitalisation of around Rs 12,900 crore.