New York: Liquor baron Vijay Mallya ,often referredto as 'King of good times' , has lost his billionaire tag as "bad times" in his aviation business have dragged down his networth to below the $1 billion mark.
According to Forbes magazine's India rich list released today , Mallya is now ranked 73 rd with a fortune of $800 million (about Rs 4,285 crore ), a sharp plunge from 49 th place last year with a fortune of $1.1billion.
However , Mallya ranks well above Naresh Goyal of Jet Airways , who has been ranked by Forbes at 94 th position with a fortuneof $600 million . "King of good times is having nothing but bad times lately . His (Mallya's ) Kingfisher Airlines , weighed down by what is believed to be $2 billion in debt, had its license suspended in mid-October after it apparently failed to address Indian regulator's concerns about its ability to operate ," the magazinesaid.
26/10/12 PTI/Times of India
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According to Forbes magazine's India rich list released today , Mallya is now ranked 73 rd with a fortune of $800 million (about Rs 4,285 crore ), a sharp plunge from 49 th place last year with a fortune of $1.1billion.
However , Mallya ranks well above Naresh Goyal of Jet Airways , who has been ranked by Forbes at 94 th position with a fortuneof $600 million . "King of good times is having nothing but bad times lately . His (Mallya's ) Kingfisher Airlines , weighed down by what is believed to be $2 billion in debt, had its license suspended in mid-October after it apparently failed to address Indian regulator's concerns about its ability to operate ," the magazinesaid.
26/10/12 PTI/Times of India
