If the Indian authorities agree to it, Heineken could become the majority shareholder of United Breweries (UB) by buying the shares confiscated from its former owner, Vijay Mallya.
Heineken, which already owns 44% of the shares, would then acquire an additional 12.5%.
Mallya’s shares in UB were confiscated by the Economic Directorate of India as part of its continuing actions against him related to fraud and money laundering. Mallya fled to the United Kingdom in March 2016 and now faces extradition proceedings in London.
At current market prices, the confiscated UB shares are worth approximately £530 million. Any proceeds from the sale would be used to repay part of the £1.2 billion in debts owed to 17 banks on which Mallya defaulted following the collapse of his Kingfisher airline in 2012.