Force India team principal Vijay Mallya has stepped down as the Chairman of United Spirits Limited after an agreement was reached with Diageo on Thursday.
The Indian business tycoon stated his resignation as the chairmen and non-executive director with "immediate effect" in a statement.
"The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Limited," it read.
"Accordingly, I am resigning my position with immediate effect. I am pleased to have been able to agree terms with Diageo and United Spirits Limited.
"The agreement we have reached secures my family legacy," Mallya added.
The 60-year-old has been serving as the chairmen of USL since 1983 before selling the shares to London-based Diageo in 2012, retaining a minority stake.
As a part of the non-competent agreement, Mallya will be paid $75 million over a period of five years and listed as Founder Emeritus of the company, having no rights or benefits.
Along with it, Diageo also announced that its vodka brand, Smirnoff, will continue to sponsor the Force India F1 team for the next five years.
As things stand, Mallya still owns 42.5% in the team with Sahara also owning 42.5% and the Mol family having the remaining 15%.