In a bid to pare its huge debt of Rs 7,600 crore, Liquor maker United Spirits (USL) has lined up a number of measures, including selling treasury shares and surplus land and properties. The company’s board has approved the plan to monetize surplus assets.
The company is planning to offload a substantial number of treasury shares of both itself and those of United Breweries held by USL. However, the treasury shares of USL are stuck in litigation with a bank and it is expected to take a few more months before the issue is settled.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
