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Diageo ups stake in India's United Spirits

Diageo PLC purchased an additional 3,310,515 shares in India's United Spirits Ltd. for 591.95 Indian rupees per share or a total consideration of 1.96 billion rupees.

The acquired shares are equivalent to a 0.46% shareholding, according to an Aug. 20 release, bringing the British distiller and wine maker's controlling shareholding position of United Spirits to 55.2%.

The maker of Johnny Walker, Tanqueray and Don Julio alcoholic drinks said United Spirits is a highly strategic asset that advantageously positions the company to capitalize on the growing Indian market.

The business grew organic net sales by 8% during Diageo's fiscal 2019, which ended June 30, and is also improving operating margin, which is up to the mid-teens, Diageo said.

As of Aug. 20, US$1 was equivalent to 71.54 Indian rupees.