United Spirits, the spirits division of the UB Group, today acquired the entire share capital of Tern Distilleries (Tern) based in Andhra Pradesh for Rs 13.42 crore. Consequent to this acquisition, Tern has become a wholly owned subsidiary of United Spirits.
Shares of the company gained Rs 1.05, or 0.09%, to trade at Rs 1,196.30.
United Spirits Limited (USL) is the largest Spirits Company in India and among the top three spirits companies in the world. Tern Distilleries is engaged in the business of alcoholic beverages with its manufacturing facility at Thallapalem in Visakhapatnam district.