MUMBAI Nov 9 India's debt-laden Kingfisher Airlines extended gains after Reuters reported its chairman Vijay Mallya clinched a deal to sell a stake in United Spirits to Diageo, on hopes the money raised could be used to revive the carrier.
Diageo is set to acquire a 53.4 percent stake in United Spirits for more than $2 billion, according to an internal memo related to the deal obtained by Reuters.
Kingfisher's flight license has been suspended by aviation regulators. As of 0852 GMT, Kingfisher shares were up 4.7 percent, while United Spirits shares were up 1.5 percent. (Reporting by Rafael Nam; Editing by Anand Basu)
Trending On Reuters
An ascendant Hindu nationalist group wants minority Muslims and Christians to accept that India is a nation of Hindus, and is pushing some of them to convert. What is unfolding is a battle for the soul of India. Full Article