Liquor baron Vijay Mallya's UB Group is in final stages of talks for selling up to 14.9 per cent stake in group company United Spirits (USL) to Diageo, the global drinks leader. Mallya and his senior team comprising UB Group CFO Ravi Nedungadi, USL President and Managing Director Vijay Rekhi and USL CFO P A Murali will be meeting Diageo counterparts tomorrow in New York for the stake sale. "The deal is inching towards finalisation," a source said, but the official spokesperson declined to comment. "Diageo can confirm that it is reviewing a possible collaboration with United Spirits. However, there is no certainty at this stage that these discussions will result in a transaction," a Diageo spokesperson said.   more »

IBN18 Broadcast Ltd said on Wednesday its board has approved the acquisition of a 43.4 percent stake in Vaicom18 Media Pvt Ltd from a unit of Television Eighteen India Ltd for $62.5 million. With this acquisition, IBN will own 50 percent in Viacom18, it said in a statement to NSE. (Reuters)   more »