United Spirits on Wednesday said it expects to complete the assessment of its select popular brands by the end of this month amid speculation that Singapore-based Inbrew Holdings could snap up some of these brands.

UK-based Diageo, one of the world’s largest distillers, holds a controlling 55.9 stake in the company.

“This strategic review is ongoing and is considering all options to deliver sustainable long-term profitable growth. The review is expected to be complete by March 31, 2022,” the liquor major said in a statement to the stock exchanges.

United Spirits had initiated the review in February 2021 with an aim to increase its focus on premium and international brands.

The popular portfolio consists of around 30 brands including Bagpiper, Haywards, Old Tavern, Blue Riband and White Mischief.

The company excluded McDowell’s and Director’s Special from the strategic review even as variants of these brands are part of the popular category.

United Spirits is considering several options as part of the review: including extension of franchise model, additional investment in brands and potential divestment .

It primarily follows a franchise model for the popular segment brands in most of the markets in India, whereby the franchise partners manufacture and sell the brands. The category was carved out as a separate business unit for better business planning.

Sources said the strengthening of the franchise model will enable the company to focus on the prestige and premium brands, while opening up avenues for potential selloffs of some of the brands .

Inbrew, led by Indian entrepreneur Ravi Deol, last year acquired the Indian business of alcobev company Molson Coors, bagging the licence to produce beer brands such as Miller, Carling, Blue Moon and Cobra.

Industry estimates United Spirits to earn about $300 million by selling the brands.

Diageo India last week announced an investment of Rs 31.5 crore to acquire a strategic minority stake of 22.5 per cent in Nao Spirits, an emerging craft gin company in India.

United Spirits has reported a 22.6 per cent rise in net sales for the nine months ended December 31, 2021 on a year-on-year basis amid recovering consumer demand, the company’s focus on premium brands and rising at-home consumption.