Sri Balaji Impex (SNG) Pte. Ltd. signed a definitive agreement to acquire Tern Distilleries Private Limited from United Spirits Limited (NSEI:MCDOWELL-N) for INR 300 million on October 14, 2020. Post completion, Tern Distilleries Private Limited will cease to be a subsidiary of United Spirits Limited. For the year ending March 2020, net worth of Tern Distilleries Private Limited was approximately INR 134.2 million. The transaction is expected to close within thirty day of agreement signing date. As announced on November 13, 2020, Tern Distilleries has not yet received the consideration from the prospective buyer. United Spirits is in the process of calling upon the Sri Balaji to make the payment of the consideration within seven working days to enable closing of the transaction. Sri Balaji Impex (SNG) Pte. Ltd. cancelled the acquisition of Tern Distilleries Private Limited from United Spirits Limited (NSEI:MCDOWELL-N) on November 26, 2020.