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The move is part of the USL's plan to raise cash, including introducing a strategic partner with a possible sale of up to 14.9 per cent from its treasury stocks, for which it had talks with world's biggest spirit maker Diageo in New York recently.
"The divestment of up to 49 per cent in Whyte & Mackay was always part of United Spirits’ de-leveraging plan," UB Group Spokesperson said.
He, however, declined to disclose further details saying, "We are not in a position to offer any further comment except to say that we expect the value to reflect the substantial appreciation in whisky inventory."
Industry sources, however, said USL is trying to reduce debts on its books and retire them, which it had borrowed at the time of acquiring W&M.
USL is expecting to cash in on the appreciation of Scotch whisky inventory held by W&M in the last 12 months. Earlier, the company had reported an increase of 25.5 per cent in the value of Scotch inventory at 456 million pounds since its acquisition.
According to industry experts, there is a mismatch between the demand and supply of Scotch whisky globally, which has resulted in hardening of its prices and this has also pushed the average value of inventory stocks by more than one-fourth.
The prices of Scotch whisky have moved up by over 15 per cent in the last 12 months, United Spirits sources said.
At the time of acquisition, W&M had stocks of around 116 million litres, valued at around £364 million. Now the total value of its inventory has gone up to £456 million, registering a growth of over 25.5 per cent. However, in terms of the average value of the stocks, it has increased by 49 per cent.
At the time of acquisition, in May 2007, the value of per litre of original alcohol was £3.12, which has increased to £4.65 by December 2008.
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