An Indian billionaire today completed the £595m takeover of Scotch whisky distiller Whyte & Mackay.
Vijay Mallya, head of the spirits giant UB Group, agreed the deal for the Glasgow-based firm.
The firm's current owner, Vivian Immerman, took over Whyte & Mackay two years ago.
The acquisition by United Spirits, part of the UB Group, offers the tantalising prospect for the Scottish distiller of wider access to India and other large emerging markets like Russia and China.
Mr Mallya - dubbed India's Sir Richard Branson after he took his Kingfisher beer brand into airlines - will become chairman and chief executive of the firm, while Mr Immerman will be kept on as his strategic adviser.
Whyte & Mackay's self-branded whisky holds around 3% of the UK whisky market.
The company, which employs more than 500 staff on sites around Scotland, also owns the Dalmore and Jura brands as well as Vladivar vodka and Glayva liqueur.
Mr Mallya said: "The potential for premium Scotch whisky in India is enormous and, with this acquisition, we now have a strong portfolio of internationally recognised brands that we will immediately introduce into the Indian market and use our strong distribution muscle fully to our advantage."
Mr Immerman and his brother-in-law, Robert Tchenguiz, were part of a group of investors who paid £208m for Whyte & Mackay in 2001, before taking over full control two years ago.
He said: "With the UB Group's ability to sell and market brands, Whyte & Mackay will be taken to a new level again.
"Its annual operating income is now approximately £50m and I expect it to grow at the rate of 20% plus per annum for the foreseeable future.
"Vijay is a world-class businessman with honour, integrity, flair and a great instinct for business."
Mr Mallya's company already has a strategic beer alliance with Edinburgh-based Scottish & Newcastle.
The flamboyant tycoon has been criticised by the spirits industry for trying to sell cheap Indian whisky in Europe, while New Delhi refuses to scrap import tariffs of up to 550% on Scotch.
Industry analysts have said Mr Mallya was keen on acquiring a major UK distiller so he could take advantage of its distribution network to sell his own Indian-made whiskies throughout the UK.
It is thought the entrepeneur could also use today's purchase as a possible springboard for a London listing of his fast-growing spirits empire.
Ironically, the UB Group has Scottish origins, having been founded in 1915 by a Scot called Thomas Leishman.
The Scotch Whisky Association (SWA) has in the past argued that UB's Indian-made product was not whisky as it was distilled with molasses rather than malt.
But today an SWA spokesman said: "This announcement again shows that Scotch whisky has a global appeal and that international confidence in the Scotch whisky industry's future prospects is strong.
"We look forward to working closely with Whyte & Mackay's new owners on matters of mutual interest to protect and promote Scotch whisky in India and other international markets to the benefit of all Scotch whisky distillers."
