UB Group holding company may sell a stake in airline business

Mumbai: United Breweries (Holdings) Ltd. plans to sell 20 per cent of its aviation business to private equity investors in a bid to raise $250 million.

As per sources, private equity firms including Cerberus Capital, TPG and Blackstone have initiated talks. Cerebrus is believed to be the front runner.

United Breweries (Holdings) owns 83 per cent of Kingfisher Airlines and 26 per cent of budget airline Deccan Aviation Ltd. Vijay Mallya, who also heads United Breweries and United Spirits, owns 55 per cent of United Breweries (Holdings) and 25 per cent is held by foreign funds.