Vijay Mallya to Sell United Breweries Stake to Save Kingfisher Airlines?

Vijay Mallya to Sell United Breweries Stake to Save Kingfisher Airlines?

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Asia Bizz: Indian liquor and air baron Vijay Mallya – who has been struggling to save his ailing Kingfisher Airlines – is reportedly  in talks to sell part of his stake in his flagship liquor business to Dutch brewery giant Heineken.

Sources familiar with the matter said that Mallya is close to selling 13 percent of United Breweries Ltd (UB), which is worth about $370 million according to the market prices.

With this sale, Heineken could have been given the control of United Breweries (UB). Heineken already holds 37.38 percent of India’s largest beverages group as of the end of 2011.

Meanwhile, the spokesperson of the UB group did not respond and the Heineken spokesperson declined to comment.