United Spirits (USL) has entered into an asset purchase agreement to buy with J P Impex lncorp's Karnataka assets for a total consideration of Rs 115 million.
J P Impex lncorp is a partnership firm having its principal place of business at 219/11, J P Corp, Bellary Road, Sadashivanagar, Bangalore - 560080 and factory at Plot No. 82/3 and 82/2 in Survey No.95 in the Nandur Kesaratagi Industrial area, Nandur Hobli, Kesaba Taluko, Gulbarga District, Karnataka.
The purchase of the above assets and the completion of the transaction, inter-alia, would facilitate an increase in the company's licensed Indian Made Foreign Liquor production capacity in the State of Karnataka, which the company proposes to use for Tetra Pak production and availing logistical advantage, the company said.
The closing of the transaction is subject to the fulfillment of certain conditions precedents by the firm, as stated in the agreement.
Shares of the company gained Rs 37.85, or 1.62%, to trade at Rs 2,370.95 at the BSE (11.55 a.m., Tuesday).