USL Sold Four Seasons Wines To Grover Zampa
United Spirits Limited (USL), India's leading beverage alcohol company and a subsidiary of global leader Diageo pic, announced that it has executed a share purchase agreement for the sale of its entire equity share capital in its wholly-owned subsidiary Four Seasons Wines limited (FSWL) as well as associated brands to Grover Zampa Vineyards Limited and Quintela Assets Limited. As a result, FSWL will cease to be a subsidiary of USL.
Explaining the rationale, Sanjeev Churiwala, Executive Director & Chief Financial Officer, Diageo India said, "This deal brings us a step closer to the structural rationalisation and simplification of our India business. The FSWL wine business is a niche but a small part of the overall Diageo India portfolio and the sale will enable us to focus on our premiumisation strategy and grow our core Spirits business in India."
This move towards disinvestment of FSWL is in line with USL's strategy to successfully continue to monetise its non-core assets, including subsidiaries.