Indian alcoholic beverages company United Spirits has received approval from National Stock Exchange (NSE) for the proposal to sell its Tamil Nadu distillery to Enrica Enterprises.
The company's board had already approved the proposal for "transfer of business pertaining to the company's distillery at Poonamallee to Enrica Enterprises through a Scheme of Arrangement as well as franchising of its brands in Tamil Nadu" in November 2013, reported Press Trust of India.
NSE's no-objection approval to the proposed transaction will be valid for six months, within which the company must file the transaction with the High Court for further clearance.
The stock exchange stated, "We have perused the 'draft scheme of arrangement' and related documents submitted by United Spirits, including the confirmation of the company secretary that the scheme so submitted does not in any way violate, over-ride or circumscribe the provisions of securities laws or stock exchange requirements."
United Spirits manufactures, purchases, and sells alcoholic beverages primarily in India. The company also exports its products to approximately 37 countries.
