DIAGEO was closing in on a stake in Vijay Mallya's United Spirits last night, writes Greig Cameron.
Television reports in India had suggested meetings were going on between both parties yesterday, with some commentators saying a deal, following months of talks, could be announced later today.
If successful in gaining a controlling stake in United, it would also give Diageo influence over Glasgow-based whisky producer Whyte and Mackay and single malts such as Jura and Dalmore.
Mr Mallya's troubled Kingfisher Airlines yesterday reported a record second quarter net loss of $138.5 million, wider than the $86.1m reported in the same period last year.
Revenues in the three months to the end of September were down 87% from $284.5m to $36.8m.
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