Sovereign Distilleries becomes wholly-owned subsidiary of United Spirits

BANGALORE: Vijay Mallya-led United Spirits said Karnataka-based Sovereign Distilleries (SDL) has become a wholly-owned subsidiary.

Last April, the Bangalore-based company had snapped up 41.54% stake in SDL. It secured the distillery for an extended lease of 20 years for Rs 42 crore and the share purchase was for a sum of Rs 3.5 crore, the company had said at the time.

It ramped up majority control by additionally picking up 19.99% stake in July. The maker of McDowell's whisky and Whyte and Mackay Scotch, in a stock exchange filing on Thursday, said it had acquired the remaining equity shares in SDL, making it a wholly-owned subsidiary of the company.

SDL is an unlisted public company, engaged in the manufacture and sale of Extra Neutral Alcohol and Indian Made Foreign Liquor, the company Spirits has been boosting in-house distillatsaid. In recent years, United ion capacity by acquiring distilleries such as Tern in Andhra Pradesh and Pioneer in Maharashtra.