Vijay Mallya-led United Spirits gets High Court approval for transfer of distillery

NEW DELHI: Vijay Mallya-led United Spirits Ltd today said it has got necessary approvals from the High Court of Karnataka to transfer of a distillery in Tamil Nadu to Enrica Enterprises.

The High court has sanctioned its proposal of transfer and "in respect of hive off of the Company's unit at Poonamallee, Chennai to Enrica", USL informed the BSE.

It further added that High Court of Madras has already approved the scheme.

"The company will take all necessary steps to make the Scheme effective/operational," it added.

Fair trade watchdog CCI has already cleared USL's sale of a distillery to Enrica Enterprises in December 2013 after finding that the deal does not raise adverse competition concerns.

The deal involves hiving off entire operations at the unit of USL that manufactures Indian Made Foreign Spirits (IMFS) to Enrica "by way of slump sale on a going concern basis".

The unit is located at Poonamallee, Chennai.