UBICS Announces Sale of Aircraft to Mallya

Canonsburg: UBICS, Inc. a global professional IT services organization, announced today that it has sold its Boeing 727 Aircraft to United Breweries Holdings, Ltd. for a purchase price of $4 million.
UBICS, through its UBICS Holding Company subsidiary, had acquired the aircraft in 2002 for $3,350,000, and expended an additional $650,000 to have certain renovations made to the aircraft. Since December 2002, the aircraft had been "dry leased" to United Breweries Holdings, Ltd., a controlled affiliate of The UB Group, an Indian group of companies. Vijay Mallya, the Chairman of UBICS also serves as Chairman of The UB Group.
"We are pleased to have closed on the sale of the aircraft and to have recovered our entire $4.0 million investment in the aircraft," said Sunil Patil, President of UBICS. "UBICS will explore strategic investments to strengthen its IT services offerings in the global market. Our Board and Management will be reviewing options to determine how best to utilize the proceeds of this sale," added Mr. Patil.
02/08/07 PR Newswire (press release), US

To Read the News in full at Source, Click the Headline

Categories: Foreign Aug 2007, Kingfisher Aug 2007