Diageo Subsidiary Sells IPL Franchise for £1.33 Billion

London-based Diageo, operating in over 180 countries with a portfolio of over 200 brands, owns a controlling 55.9% stake in United Spirits, India's largest beverage alcohol company, a holding first acquired in 2013 and last increased in February 2020. The sale, to a consortium comprising Aditya Birla Group, the Times of India Group, Bolt Ventures, and Blackstone Inc.'s perpetual private equity strategy, follows a strategic review launched in November.

United Spirits Managing Director & Chief Executive Praveen Someshwar stated that RCSPL, while a "valuable and strategic asset for USL," is "non-core to our alcobev business." The transaction remains subject to customary regulatory and legal approvals, including from India's cricket board and competition authorities. Following the announcement, shares in Diageo rose 1.3% to 1,380.00 pence each in London.