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Diageo's United Spirits selling Indian wine subsidiary

Diageo PLC's India-based unit United Spirits Ltd. said Jan. 15 that it agreed to sell its wholly owned subsidiary Four Seasons Wines Ltd. and associated brands to Grover Zampa Vineyards Ltd. and Quintela Assets Ltd.

The share purchase agreement includes the entire equity share capital that alcoholic beverage maker United Spirits holds in Four Seasons Wines, which is also based in India. Financial details were not disclosed.

The proposed transaction falls under United Spirits' strategy to monetize its noncore assets.

Sanjeev Churiwala, executive director and CFO of Diageo India, said in a statement that "the sale will enable us to focus on our premiumization strategy and grow our core spirits business in India."

An expected completion date for the deal was not provided.