Three global alcohol beverage firms, including world's largest spirits firm Diageo, have evinced interest for a strategic stake in the Rs 3,200-crore (Rs 32 billion) United Spirits [Get Quote], the spirits arm of the UB Group.

UB Group chairman Vijay Mallya talking to the media in Bangalore on Wednesday on the sidelines of United Breweries [Get Quote] AGM, said that there is serious interest from at least three global players who are in discussions with him to pick up stake in United Spirits.

"The interest is of strategic nature. We have a strong distribution network in India and global players wanting to enter India are keen on this. In turn, we will look to leverage our partners' global network for an international footprint. The talks, including with Diageo, are on," he said, declining to outline a timeframe for this strategic move.

According to sources in the UB Group, Mallya, through various trusts, holds around 13.7 million shares in treasury stock, which may be the instrument for a strategic player to pick up stake in United Spirits. These 13.7 million shares total to around 13 per cent stake in United Spirits.

"Majority of this treasury stock is expected to be leveraged for such a strategic sale," a senior official of UB Group noted.

On the current market price of Rs 1,340 per equity share of United Spirits, the 13.7 million shares are worth a little over Rs 1,800 crore (Rs 18 billion). The promoters of UB Group currently hold close to 37 per cent stake in United Spirits.

This move by United Spirits comes close a year after it successfully completed the $1.3-billion acquisition of Scottish whisky firm Whyte & Mackay.

This move by United Spirits to work with a global spirits major follows on the lines of United Breweries, the beer arm of UB Group, in which UK-based Scottish & Newcastle picked up 37.5 per cent stake in United Breweries. This stake has now passed on to Heineken after they acquired S&N globally.