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25 September 2012 09:56
Drinks giant Diageo has confirmed that it is in talks with United Spirits' parent company regarding the acquisition of a stake in the Indian spirits business.
Both parties have stressed that "there is no certainty that these discussions will lead to a transaction".
The UB Group, which includes United Spirits, Kingfisher Airlines and beer-maker United Breweries has been hit by a financial crisis at Kingfisher Airlines Ltd., which owes millions to suppliers, lenders, staff and in taxes to the government.
