The board of United Spirits ' (USL), in which UK-based Diageo holds a stake, on Friday approved the sale and franchising of its certain popular brands to Inbrew Beverages for Rs 820 crore in a cash deal. USL and Inbrew have executed definitive agreements for the sale of the entire business undertaking associated with 32 brands, including iconic brands such as Haywards, Old Tavern, White-Mischief, Honey Bee, Green Label and Romanov. The deal is subject to customary adjustments, USL said in a late night announcement on BSE. The move follows a strategic review of USL's selected popular brands announced on February 23, 2021, it said, adding, the transaction does not include the McDowell's or Director's Special brands, which will be retained by USL.