Rajesh Bir Singh Tuladhar completed the acquisition of additional 82.5% stake in United Spirits Nepal Private Limited from United Spirits Limited.
February 27, 2018
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Rajesh Bir Singh Tuladhar entered into an agreement to acquire additional 82.5% stake in United Spirits Nepal Private Limited from United Spirits Limited (BSE:532432) for approximately NPR 340 million on January 15, 2016. Under the terms, Rajesh Bir will acquire 0.07 million shares for NPR 5042 per share. Following the completion of this sale, United Spirits Limited will hold no shares in United Spirits Nepal Private Limited and it will cease to be a subsidiary of United Spirits Limited. United Spirits Limited will continue to have a licensing arrangement with United Spirits Nepal Private Limited pursuant to which products bearing United Spirits Limited's brand names will continue to be manufactured, marketed and sold in Nepal. The consideration will be subject to the deduction of applicable taxes in Nepal. United Spirits Nepal had turnover of INR 648.02 million (NPR 1.04 billion), total assets of NPR 271 million, net profit of NPR 14.31 million and net worth of INR 45.84 million (NPR 73.62 million) for the financial year ended March 31, 2015. The deal is subject to various regulatory approvals and other conditions precedent. As on November 2, 2017, Reserve Bank of India approved the transaction.
Rajesh Bir Singh Tuladhar completed the acquisition of additional 82.5% stake in United Spirits Nepal Private Limited from United Spirits Limited (BSE:532432) on February 28, 2018.
United Spirits Limited is India's largest spirits producer. The group provides Scotch (Black Dog, Dalmore, Jura and White & Mackay brands), Whisky (Antiquity, Bagpiper, McDowell's No.1 and McDowell's No.1 Platinum), rhum (Celebration rum), vodka (Pinky, Romanov, Vladivar and White Mischief), gin (Blue Riband) and wine (Bouvet Ladubay and Four Seasons).
India accounts for 99.6% of net sales.