Vijay Mallya-led UB Group is understood to have reached a deal with world's largest spirit maker Diageo for a stake sale in United Spirits.

According to sources, the deal will be announced on Friday.

Vijay Mallya-led UB Group, whose aviation entity Kingfisher Airlines is passing through turbulent times, spent Rs 400 crore more on its staff across various businesses during the last fiscal.

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Vijay Mallya, scrambling to raise funds to rescue his ailing Kingfisher Airlines, is considering selling part of his stake in his flagship liquor business to Dutch brewery giant Heineken, media report

UB Group will consolidate its foreign alcohol assets ahead of an overseas listing of the brands, the Economic Times reported on Monday, but UB said any listing would not be to assist the group's strug

Billionaire Vijay Mallya-led UB Group, currently in the eye of a storm over troubles at its Kingfisher Airlines, has lost nearly half of its market value from its peak scaled in the past one year.

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