You’ve seen the bottles. McDowell’s No. 1, Royal Challenge, Signature, and the ubiquitous Antiquity. If you’ve ever walked into a liquor store in India, you’ve basically walked into a United Spirits showroom. But who actually calls the shots behind the scenes?
It's a weirdly tangled story. People still associate the brand with the "King of Good Times," Vijay Mallya. That’s understandable. The Mallya family ran the show for decades. But today? The reality is way more corporate—and way more British.
Who owns United Spirits right now?
The short answer is Diageo.
Specifically, the British multinational alcoholic beverage giant Diageo plc owns a controlling stake of 56.67% in United Spirits Limited (USL). They aren't just "investors." They are the promoters. They run the board, they set the strategy, and they’ve spent the last decade scrubbing the company clean of its colorful, albeit chaotic, past.
Honestly, the ownership structure is a bit of a soup. While Diageo holds the lion's share, the rest is scattered. About 14.4% is held by Foreign Institutional Investors (FIIs), and roughly 12.5% is with Mutual Funds. If you’re a retail investor with a few shares in your Demat account, you’re part of the 14% "public" ownership.
It’s a massive operation. We are talking about the second-largest spirits company in the world by volume.
📖 Related: Is Trump Giving Money to Tax Payers? The Truth About the 2026 Refunds
The messy handoff: From Mallya to Diageo
You can't talk about who owns United Spirits without looking at the 2013-2014 transition. It wasn't a clean "here are the keys" moment. It was more like a slow-motion corporate rescue mission.
Back in 2012, Vijay Mallya was in deep trouble. Kingfisher Airlines was grounded. Debts were mounting. He needed cash, and United Spirits was his crown jewel. Diageo saw an opportunity to finally crack the Indian market—a market that loves its whisky.
They started with a 10% stake. Then it went to 25%. Eventually, through a series of complex open offers and share purchases, they crossed the 50% mark. By 2014, Diageo had full management control.
But it wasn't easy.
There were "irregularities" in the books. Diversion of funds. Legal battles that dragged on for years. Mallya eventually stepped down as Chairman in 2016 after a $75 million "sweetheart deal" exit, which itself became a point of massive controversy with Indian regulators.
The 2026 landscape: Who's in charge today?
Today, the "Mallya era" is a ghost. The company even refers to itself increasingly as Diageo India.
As of early 2026, the leadership has seen a fresh shift. Praveen Someshwar is the MD and CEO, having taken over from Hina Nagarajan in 2025. This was a big deal. Nagarajan was the first woman to lead the company and she basically turned the ship around, focusing on "premiumization"—which is just a fancy way of saying they want you to buy expensive Scotch instead of cheap local rum.
Someshwar came from a background at PepsiCo and HT Media. His job is basically to keep the momentum going in a country where every state has its own weird liquor laws.
The Chairman of the Board is V.K. Viswanathan, an independent director. This is a far cry from the days when the owner’s name was on the building. It’s a professionalized, London-headquartered subsidiary now.
The Portfolio Pivot
One way to see who "owns" the vision of the company is to look at what they’re selling. Diageo has been dumping its "popular" (cheap) brands. In 2022, they sold off 32 brands—including Haywards and Old Tavern—to Inbrew Beverages.
Why? Because they want to be the kings of the top shelf. They are pushing Johnnie Walker, Tanqueray, and Singleton. They even bought a massive stake in Nao Spirits (the people who make Greater Than and Hapusa gin) to capture the craft spirits craze.
Why this matters for you
If you're looking at United Spirits as an investor or just a curious consumer, the ownership tells you everything about the future.
- Governance is the priority: Gone are the days of private jets and flamboyant parties on the company dime. Diageo is obsessed with compliance.
- Focus on Premium: Expect your favorite mid-range brands to either get a "luxury" makeover or disappear. They want higher margins, not just high volumes.
- The IPL Connection: Yes, United Spirits still owns the Royal Challengers Bengaluru (RCB). Even though the liquor business is now British-led, they’ve kept the cricket team because, well, in India, cricket is the best way to sell a lifestyle.
So, if someone tells you Mallya still owns United Spirits, you can politely correct them. He’s long gone. The British have returned to the Indian spirits market, but this time, they’re doing it through the stock exchange.
💡 You might also like: Aalsmeer Flower Auction Netherlands: What Most People Get Wrong
Next Steps for You:
If you are tracking the company for investment, keep a close eye on the Prestige & Above segment growth in their quarterly filings. That’s where the real money is. Also, watch for any further "slimming down" of their portfolio—if they sell more local brands, it’s a signal that Diageo is doubling down on its global labels for the Indian middle class.