Mumbai: More than a year after one of India’s top airlines, Kingfisher, stopped flying, its flamboyant owner Vijay Mallya is battling against losing control of his $2.2-billion corporate empire.
Mallya, once the self-proclaimed “King of Good Times”, made his fortune in the liquor business and controls a conglomerate spanning beer, airlines, fertilisers and engineering.
But in several firms in his United Breweries Group, 58-year-old Mallya’s ownership has substantially shrunk, while in others, large portions of his holdings are pledged with banks — and in some cases are starting to be sold off.
“The legacy of the empire, which he inherited from his dad, is at risk,” said a Mumbai-based analyst from a group that has lent to Mallya’s companies, asking not to be named.
05/02/14 AFP/Asian Age
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Mallya, once the self-proclaimed “King of Good Times”, made his fortune in the liquor business and controls a conglomerate spanning beer, airlines, fertilisers and engineering.
But in several firms in his United Breweries Group, 58-year-old Mallya’s ownership has substantially shrunk, while in others, large portions of his holdings are pledged with banks — and in some cases are starting to be sold off.
“The legacy of the empire, which he inherited from his dad, is at risk,” said a Mumbai-based analyst from a group that has lent to Mallya’s companies, asking not to be named.
05/02/14 AFP/Asian Age
