Diageo's United Spirits cancelled the sale of Tern Distilleries

Diageo's United Spirits division in India has cancelled the sale of Tern Distilleries after payment for the subsidiary failed to materialise. United Spirits said in a filing to the BSE (formerly Bombay Stock Exchange) last week that it had 'not received consideration from the prospective buyer' Singaporean rice maker Sri Balaji Implex. Tern Distilleries will subsequently remain part of the unit.