New Delhi: Vijay Mallya owned United Breweries on Friday signed a $2 billion deal with Diageo group and sold controlling stake of 53.4 per cent in United Spirits Limited (USL). Announcing the deal, Mallya said, "The cash infusion will help USL de-leverage itself. It is a win-win situation for both USL and Diageo."
Ivan Menezen, the CEO of Diageo, seconded Mallya. He said, "The alcohol market in India will grow 15 per cent year-on-year. This deal will transform Diageo's position in India. It will enhance our position as the world's leading premium brand maker. This is a win-win combination."
Diageo will buy the 53.4 per cent stake for Rs 11,165 crore, first buying 27.4 per cent direct stake in USL, and then buying 19.3 per cent of USL from UB group's subsidiaries.
It will then buy an additional stake through an open offer. Mallya will continue as the Chairman. The deal allows him to wipe out Kingfisher Airlines' huge debt....
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02:30 PM, Nov 09, 2012
Mumbai: United Breweries Ltd on Friday posted a net profit of Rs 34.2 crore for the second quarter ended September 30, as against Rs 19.5 crore in the year-ago period. The revenue of the company, part of Vijay Mallya-led UB Group, also rose to Rs 875 crore in the same period. The company had recorded revenue of Rs 750 crore in the second quarter of the previous fiscal. On quarter-on-quarter...
09:40 AM, Nov 09, 2012
New Delhi: Liquor baron Vijay Mallya on Saturday said he has learnt the hard way that wealth should not be displayed in India, and that it is better to be a multi-billionaire politician in the country. "I have learnt the hard way that in India wealth should not be displayed. (It is) Better to be a multi-billionaire politician dressed in Khadi," Mallya tweeted amid a long-continuing crisis at his UB...
03:59 PM, Oct 27, 2012
New Delhi: Embattled Force India team boss Vijay Mallya made his Indian Grand Prix entrance in combative mood on Saturday, lashing local media for their coverage of his business troubles and grounded Kingfisher airline. The liquor and aviation tycoon, no longer a billionaire according to the latest Forbes list, flew in from London on his private Airbus after suggestions that he might stay away to avoid having it impounded. "Was...
01:33 PM, Oct 27, 2012
New York: Liquor baron Vijay Mallya, often referred to as 'King of good times', has lost his billionaire tag as "bad times" in his aviation business have dragged down his net worth to below the $ 1 billion mark. According to Forbes magazine's India rich list released on Thursday, Mallya is now ranked 73rd with a fortune of $ 800 million (about Rs 4,285 crore), a sharp plunge from 49th...
02:52 PM, Oct 25, 2012
Bangalore: The Karnataka government on Saturday said it has instructed the State Pollution Control Board to take action against United Breweries which was found to run its beer production unit at Nanjanagud in Mysore district without operational clearance by the Board. Ecology and Environment Minister Sogadu Shivanna, who visited the unit three weeks ago, told reporters in Bangalore on Saturday that it's confirmed from records of the Excise Department and...
08:53 PM, Oct 20, 2012
New Delhi: Vijay Mallya and senior executives of United Spirits have been in London to finalise the final contours of the deal. A term sheet is ready and is likely to be signed soon, after October 16. There has been buzz for over a month that the deal is close to the finish line. Although, there are a lot of contours to be figured out yet, the deal is to...
10:05 AM, Oct 16, 2012
Bangalore: After the financial turbulence at Kingfisher Airlines, Chairman Vijay Mallya's United Spirits is looking at reducing its debt and bringing back the good times. It may even sell its stake in its Indian Premier League (IPL) team Royal Challenges Bangalore (RCB). Vijay Mallya's acquisition of the brand White & Mackay helped United Spirits reach the top of the global pyramid, but it came at a cost. Its debt has...
07:55 AM, Jul 10, 2012
Mumbai: Vijay Mallya-led United Breweries (Holdings) on Thursday said that Kingfisher Airlines has ceased to be its subsidiary after the carrier allotted shares against optionally convertible debentures to certain entities. The company said in a regulatory filing to the Bombay Stock Exchange (BSE) that it has a high exposure of over Rs 12,215.18 crore in the airline. "Kingfisher Airlines has ceased to be company's subsidiary as on February 18, 2012,...
01:21 AM, May 11, 2012
Mumbai: Tycoon Vijay Mallya, scrambling to raise funds to rescue his ailing Kingfisher Airlines Ltd, is considering the sale of all or part of his stake in United Breweries (UB), his flagship beer business, to Dutch brewer Heineken NV, said people familiar with the situation. They added that Mallya has the option of selling a stake in UB to ease his financial woes, and Heineken would be a keen buyer...
07:15 PM, Mar 29, 2012
New Delhi: Kingfisher Airlines promoter Vijay Mallya has given a personal guarantee of Rs 248.97 crore, besides pledging shares as security against loans taken from various banks, Parliament was informed on Friday. United Breweries Holdings, which Mallya heads, has provided a corporate guarantee of Rs 1,601.43 crore, Minister of State for Finance Namo Narain Meena said in a written reply in Lok Sabha. The Minister said the debt-laden airline has...
07:21 PM, Dec 09, 2011
New Delhi: A day after his company was sent a legal notice Indian cricketer by Harbhajan Singh's legal team, United Breweries (UB) Group Chairman Vijay Mallya has made it clear the advertisement wasn't meant to hurt the player. "It was not meant to attack Harbhajan Singh personally. It was just a spoof between two brands. We have received a long-winded legal notice and our lawyers are studying it. There are...
12:34 PM, Jul 19, 2011
New Delhi: Ahead of the India-England cricket series, Indian spinner Harbhajan Singh's legal team has sent a notice to the Vijay Mallya's United Breweries group over a television commercial featuring his team captain Mahendra Singh Dhoni. The notice has been sent by Harbhajan's mother Avtar Kaur who said that such commercials cause disunity and friction within the Indian team. The commercial featuring Dhoni is a spoof on a Royal Stag...
03:09 PM, Jul 18, 2011
![Indian wine set to enter UK market]( "Indian wine set to enter UK market")
The company has already signed distribution agreements with two importers and distributors. ...
05:32 PM, May 16, 2010
New Delhi: The uncertainty over the future of Deccan Chargers has thrown into doubt the futures of several leading international and Indian domestic players currently on franchise’s roster. As reported by CNN-IBN on Friday, the BCCI is understood to be considering scrapping Deccan a day after the cash-strapped franchise went unsold in an auction in Chennai. With sources saying that the franchise is likely to be terminated on grounds of...
10:40 AM, Jun 26, 2008
Mallya has reportedly agreed to raise his price for whiskey major Whyte & Mackay to 550 million pounds. ...
10:12 AM, Feb 20, 2007
