NEW DELHI: Vijay Mallya-led UB Group today said the company has no immediate plans to list its UK-based arm Whyte & Mackay although it had in the past stated such a step was a part of an overall future strategy.
"We have talked about listing W&M right from the time of acquisition. However, there are no immediate plans in the offing," a spokesperson of the UB Group told PTI.
United Spirits Ltd, a UB Group firm, had acquired Whyte & Mackay for 595 million pounds in 2007.
Reacting to reports of the group leveraging on the proceeds from a possible listing of W&M to bail out ailing group firm Kingfisher Airlines, the spokesperson said: "We would like to clarify that any plans we may have for Whyte & Mackay has nothing to do with Kingfisher Airlines."
The group, which has interests in diverse verticals including alcohol, airlines and sports teams, is under stress to find a solution for Kingfisher Airlines' financial troubles as the carrier struggles to meet interest payments.
In December 2011, the government had informed Parliament that Kingfisher Airlines has an outstanding loan of about Rs 6,419 crore, and the lenders include SBI, IDBI Bank, Punjab National Bank, Bank of India and Bank of Baroda.
Recently Mallya, who is also a Rajya Sabha MP, has held a series of meetings with top government functionaries, including Finance Minister Pranab Mukherjee, to work out steps to keep the airline afloat.
Shares of United Spirits Ltd were trading at Rs 630.50 on the BSE in the late afternoon, up 5.03 per cent from its previous close.
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