United Spirits (USL) has entered into a definitive agreement for sale of its entire shareholding in its wholly owned subsidiary -- Tern Distilleries, to NCL Industries for consideration of Rs 30 crore. Upon completion of the above sale, Tern Distilleries will cease to be a subsidiary of the Company.
For the financial year ended March 2020, Tern Distilleries was a non-operative company and consequently did not have any turnover or revenue or income.
United Spirits is the largest spirits company in India and a flagship entity of UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
