Indian tycoon Vijay Mallya is expected to announced a £610m takeover of scotch whisky company Whyte & Mackay.

Mallya, who owns spirits company UB Group, has been in talks with Whyte & Mackay for several months and the deal could be announced as early as tomorrow (Wednesday), according to reports in the Daily Telegraph.

The tycoon could also consider a flotation of all or part of UB Group on the London markets, the paper adds.