Diageo increases shareholding in United Spirits Limited
Today Diageo (‘the Company’) acquired a further 3,310,515 shares (approx. 0.46% shareholding) in United Spirits Limited (“USL”) at a per share price of INR 591.95. The shares were purchased on the Bombay Stock Exchange and take Diageo’s controlling shareholding position to 55.2% of USL.
USL is a highly strategic asset for Diageo and positions the Company well to capitalise on opportunities within India, one of the most exciting growth markets in the world for total beverage alcohol. During Diageo’s fiscal 2019, USL’s organic net sales increased 8%, with growth from the "Prestige and Above" segment up 12%, led by double digit growth in Scotch. The business continues to make significant progress on operating margin, which is now in the mid-teens, and is underpinned by a focus on everyday efficiency and investment in capabilities, technology and process improvement across the business.