United Spirits sells Mumbai’s prime Malabar Hill property for ₹172 crore

United Spirits, an alcoholic beverages company, has said that it has sold a residential property in Mumbai’s Malabar Hill area for ₹172 crore.

The company said in a regulatory filing that the company’s Board of Directors has approved the sale of a residential property in Malabar Hill, Mumbai, for ₹172 crore. The property includes furniture, fixtures, and fittings and comprises a ground floor along with two upper floors.

“This is to inform that the Board of Directors of the Company today have approved sale of a residential property along with the furniture, fixtures and fittings consisting of ground plus 2 upper floors situated at Malabar Hill (“the said Premises”) belonging to United Sprits Limited (“Company”),” the company said in a regulatory filing.

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The buyers are Ajaykumar Dineshkumar Vaghani and Manisha Ajay Vaghani, the regulatory filing said, adding the buyers have no connection with the company’s promoters, promoter group, or group companies.

USL is a subsidiary of Diageo and is headquartered in Bengaluru, Karnataka. The company has been liquidating its non-core assets that were owned by former chairman Vijay Mallya. Mallya stepped down from USL in 2015.

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