Diageo-owned Indian alcoholic beverages company United Spirits is planning to divest two distilleries in the states of Andhra Pradesh and Kerala.
The move is in line with the company's strategy to boost its resources by cutting down working capital, as the company has witnessed 11% decline in its revenues during the June quarter.
Additionally, United Spirits will distill, import and distribute Diageo's high-margin brands such as Smirnoff vodka and Johnnie Walker whiskey, for which the company will seek shareholder approval.
Earlier in April, United Spirits sold Tamil Nadu distillery to Enrica Enterprises, after receiving an approval from National Stock Exchange.
Also, the company had announced plans to divest 11.35% stake in Pioneer Distilleries.
United Spirits manufactures, purchases, and sells alcoholic beverages primarily in India. The company offers its products under the Black Dog, Dalmore, Jura, Whyte & Mackay, Antiquity, Bagpiper, McDowell's No. 1, McDowell's No.1 Platinum, Royal Challenge, Signature, and DSP Black brand names, besides many others.
