"I do not have to do a deal with Diageo at all… I am under no compulsion whatsoever. But having said that, I will do what is good ... for myself, my family wealth and for long-term shareholder value," Mallya said, according to a NDTV report.
The UB shares had gained about 50 percent in past three months on reports of a deal with UK beverage major Diageo. There were media reports that Mallya intended to sell some stake in the United Spirits to raise funds to invest in his ailing air carrier Kingfisher Airlines.
However, Mallya in last two days made several statements hinting that the deal may not happen as he is not sure about reaching at mutually agreeable terms for the deal.
He also ridiculed the reports that he will be selling stakes in UB group to fund Kingfisher Airlines.
"Selling assets to fund the airline? No plans of that nature whatsoever," Mallya said adding that he believes he has enough business acumen not to sell stakes in a hugely thriving, successful business to fund a loss-making aviation business in India, Reuters has reported.
Kingfisher Management last week had told DGCA that UB group will be funding the revival plan of the debt-laden airline till a foreign suitor is found.
Experts also said that Mallya will be forced to sell some of his assets to pay the Kingfisher Airlines debts, which are over 50 billion rupees. However, Mallya in an interview to Reuters told that he will not sell his personal assets to finance the airlines.
"My group is sufficiently cash-generative to fund the airline as we have done. We have put almost 150 million pounds since April 2012 into the airline. But that has not meant that I have had to sell my family silver to fund the airline."
Mallya who was very critical of the media reports on his indifference to the Kingfisher Airlines crisis tweeted that journalists are blowing the issue out of proportion.
“At the Buddh International F1 circuit, Sahara Force India qualifying prospects are secondary. Even sports journos focus only on Kingfisher,” he tweeted ahead of the F1 race.
The United Spirits Ltd closed Monday at Rs.1095.05 down 110 points or 9.15 percent at the BSE Sensex.
Meanwhile, the United Breweries shares hit a 52-week high of Rs 780.00 at 3.30 pm local time after the Citigroup said the company may be added to the MSCI India index.
"Divi's Laboratories and United Breweries may get added to MSCI India index as part of the index provider's semi-annual review announcement expected Nov. 14," a Reuters report quoting Citigroup said.