The assets on which he can offload are a part of his United Spirits or in United Breweries or in Mangalore Chemicals & Fertilizers.
Mallya owns 37.5% in United Breweries which has a market capitalisation of close to Rs 17000 crore, while he owns around 28 per cent in United Spirits which has a capitalisation of Rs 13000 crore.
While Mallya is indeed engaged in protracted discussions with global major Diageo to offload a stake in United Spirits, it is understood that Diageo is willing to take it up only if they get management control, which Mallya is unlikely to cede at this juncture.
While that is the major aspect on which there is intense parleys between the two, Mallya will also have to address the aspect of United Spirits owning Whyte & Mackay, the Scottish scotch major.
"If Diageo gets to acquire a significant stake in United Spirits, they will be up against European Union's anti-monopoly body, which will most likely oppose to the aspect that Diageo, the global leader in spirits gets to also own Whyte & Mackay, leading to monopoly in the spirits marketplace," industry analysts indicated.
The option is then to spin off W&M or dilute United Spirits' stake substantially before the Diageo deal goes ahead.