Baramati (PTI): Liquor baron Vijay Mallya on Thursday said his UB Group is ready to buyback stake from Heineken, which the latter had acquired in the group following the takeover of Scottish & Newcastle (S&N), saying there is a conflict of business interest.

"They have beer business in India, which has a conflict of interest as Kingfisher is the largest beer brand in the country. I am ready to buy back," Mallya said here while opening United Spirits' Baramati Four Seasons winery here.

He said Heineken would have to renegotiate the deal through which it had inherited the business interests of S&N in India.

Earlier in January, a consortium of Carlsberg and Heineken had acquired S&N for 7.5 billion pounds. S&N had 37.5 per cent stake in the UB Group.

As per the takeover agreement, Heineken was supposed to continue to hold S&N's business in the UK, Ireland, Portugal, Finland, Belgium, the US and India.

Carlsberg on the other hand pocketed the S&N's operatinos in France, Greece, China, Vietnam and Russia.

The takeover had also raised speculation whether there would be an open offer by Heineken for UB group shares.