India’s United Spirits Limited has announced it will sell its entire 82.46 percent stake in its subsidiary United Spirits Nepal Private Limited.

The liquor giant will sell the shares to Rajesh Bir Singh Tuladhar, who currently holds 11.54 percent stake in the Nepali company, United Spirits said in a statement on Saturday. It said the move was in line with its strategy to dispose off non-core assets.

Tuladhar will acquire 67,716 equity shares for Rs341.4 million (Rs5,042 per share), according to the statement.

“Following the completion of this sale, the company will hold no shares in United Spirits Nepal and it will cease to be a subsidiary of the company. The company will continue to have a licensing arrangement with United Spirits Nepal pursuant to which products bearing the company’s brand names will continue to be manufactured, marketed and sold in Nepal,” read the statement.

Tuladhar is an existing shareholder of United Spirit Nepal. He is not a promoter or part of the promoter group of the company. As Tuladhar is not a related party of the company, the sales will not constitute a related party transaction, the statement read.

The transaction is subjected to various regulatory approvals and other conditions precedent, upon the fulfilment of which the sale of shares will be accomplished.

According to the company, the turnover of United Spirits as of March 2015 stood at IRs64.8 million and net worth at IRs45.8 million.

United Spirits Nepal manufactures a number of popular liquors, including Signature, Antiquity, McDowell’s No 1 and Blue Riband. The Indian company will have to acquire a share purchase agreement approval from the Department of Industries before initiating share sale.

United Spirits Limited is an Indian alcoholic beverages company and the world’s second largest spirits company by volume. Diageo Plc commands majority stakes in United Spirits.