UK major Diageo Plc has got fair trade regulator, Competition Commission of India’s (CCI) nod for proposed majority stake purchase in Vijay Mallya-led United Spirits. CCI has approved the proposal, believing the deal will not have adverse impact on competition.
With this deal worth about $2 billion, Mallya's UB group will get needed cash, as its aviation venture Kingfisher Airlines is facing turbulent times. As per the deal, Diageo will acquire up to 53.4% stake in United Spirits, one of the largest spirits firm, within five years.
