India's United Breweries is to sell a 37.5% stake to the UK's largest brewer Scottish and Newcastle for the sum of Rupees 4.66 billion ($106m; £54.6m; €79.37) (S&N).

United, best known internationally for its Kingfisher lager, will initially sell a 17.5% equity share, followed by a public offer from S&N to buy a further 20%. United Chairman Vijay Mallya will take a similar holding.

Tony Froggat S&N's chief executive deemed the move a "natural development" from Millennium Alcobev, a joint venture inked in May 2003 in which the two breweries each hold a 40% stake.

Millennium will now merge with United with the aim of snatching up to half of India's beer market.

Data sourced from BBC Online; additional content by WARC staff