United Spirits Sells Prestigious Malabar Hill Property for ₹172 Crore
United Spirits Limited (USL) has completed a significant real estate transaction, selling a premium residential property in Mumbai's upscale Malabar Hill neighborhood for ₹172 crore. The company's Board of Directors approved the sale on March 30, 2025, marking another strategic move in the alcoholic beverage giant's asset management strategy.
Property Details and Transaction Structure
The sold property is an impressive residence comprising three levels - a ground floor and two upper floors - complete with furniture, fixtures, and fittings. Located in Malabar Hill, one of Mumbai's most prestigious and expensive residential areas, the property represents a valuable asset in the company's portfolio.
The buyers, Ajaykumar Dineshkumar Vaghani and Manisha Ajay Vaghani, will bear all applicable charges related to the transaction, including:
- Stamp duty
- Registration fees
- Applicable taxes
According to USL's regulatory filing, the transaction was conducted at arm's length and does not qualify as a related party transaction under applicable regulations.
Regulatory Compliance and Disclosure
United Spirits Limited made the disclosure to both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company explicitly stated that the buyers have no connection with USL's promoters, promoter group, or group companies, ensuring full transparency in the transaction. Furthermore, the agreement does not grant any special rights to the buyers, such as:
- Right to appoint directors
- First right to share subscription
- Restrictions on changes in capital structure
Market Implications
This property sale represents a significant real estate transaction in Mumbai's luxury housing market, where Malabar Hill continues to be one of the most sought-after residential locations. The area is known for commanding premium prices due to its exclusivity, sea views, and proximity to Mumbai's business districts.
For United Spirits Limited, the transaction potentially signals ongoing portfolio optimization as the company focuses on its core alcoholic beverage business. The ₹172 crore consideration could provide additional liquidity for strategic investments or returning value to shareholders.
About United Spirits Limited
United Spirits Limited is one of India's leading alcoholic beverage companies with a diverse portfolio of brands across various price segments. The company, which became part of global spirits giant Diageo's portfolio in 2014, has been strategically managing its assets to optimize performance and shareholder value.
Real estate transactions of this magnitude reflect the company's continued focus on efficient capital allocation and non-core asset monetization. Investors and market analysts will likely monitor how USL deploys the proceeds from this significant property sale.
The transaction aligns with broader trends in corporate India, where companies are increasingly reassessing their real estate holdings to unlock value and redirect capital toward core business operations and growth opportunities.
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