UB Group holding company may sell a stake in airline business
23 Jul 2007
Mumbai:
United Breweries (Holdings) Ltd. plans to sell 20
per cent of its aviation business to private equity
investors in a bid to raise $250 million.
As per sources, private equity firms including Cerberus Capital, TPG and Blackstone have initiated talks. Cerebrus is believed to be the front runner.
United
Breweries (Holdings) owns 83 per cent of Kingfisher
Airlines and 26 per cent of budget airline Deccan Aviation
Ltd. Vijay Mallya, who also heads United Breweries and
United Spirits, owns 55 per cent of United Breweries
(Holdings) and 25 per cent is held by foreign funds.