Kingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks.
Mallya recently acquired 26 percent stake in the country's largest budget airline, Air Deccan.
The UB Group on Tuesday said that chief operating officer and president of Kingfisher Airlines, Alex Wilcox had not resigned, and he has been given "reasonable time" to resolve some personal matters.
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
STAR India, a wholly owned subsidiary of STAR Hong Kong, is exploring the possibilities of getting into the print media business in India. Last week, top STAR executives including STAR Hong Kong CEO Paul Aiello, STAR India CEO Uday Shankar and COO Jagdish Kumar were in Bangalore for meetings with possible joint venture partners for the print foray. The company is said to be in talks with Vijay Mallya's UB Group.
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
USL is already contesting a Karnataka High Court order.
A star-studded black tie event hosted by Parmeshwar Godrej in honour of newlyweds Elizabeth Hurley and Arun Nayar saw the who's who of the city's party circuit.
UB Group Chairman Vijay Mallya made international headlines last Thursday when he bought Mahatma Gandhi's memorabilia for a whopping $1.8 million from an auction in New York. Mallya, who has announced that he plans to hand over the items to the Indian government, might have a long wait ahead of him. The US Justice Department has decided to probe the legality of the sale of the Gandhi memorabilia.
India may not charge import duty on personal artefacts of Mahatma Gandhi, which were bought by liquor baron Vijay Mallya in an auction at New York. Moreover, the country is also going to relax import restriction on all items of historical significance of Indian origin.A pair of steel-rimmed spectacles and sandals, a Zenith pocket watch, an eating bowl and a plate went under the hammer in New York and the UB Group chairman successfully bid for them for $1.8 million.
Earlier this year, Mallya's UB Group had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The Group has now scaled up its stake in the budget airline to 46 per cent by buying shares in an open offer.
Earlier this year, Kingfisher Airlines had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The company also made an open offer for another 20 per cent stake in Deccan Aviation. The open offer was oversubscribed. It received bids for 35 million equity shares against the issue size of 27 million shares.
Kingfisher Airlines, owned by liquor baron Vijay Mallya, has run up a debt of Rs 4,000 crore. The airline, which is merging with Deccan Aviation, is understood to have a top line of around Rs 3,000 crore and is expected to make losses of Rs 900 crore on a yearly basis. This is in addition to the losses of around Rs 650 crore suffered by Deccan Aviation.
The Kingfisher-Air Deccan group will be the largest domestic airline with a fleet of 71 aircraft, including 41 Airbuses and 30 ATRs.
Although industry analysts are welcoming Kingfisher Airlines' stake acquisition in Air Deccan as the right move towards consolidation
Wednesday's acquisition of Whyte & Mackay for $1.18 billion puts Mallya in the hallowed bracket.
Encouraged by the buzz created among the consumers by the Black Dog 12-year-old deluxe, the company has now decided to launch the 8-year-old centenary variant of the brand. Despite a tagline reading "Proudly old-fashioned since 1883", it has tried to make a connection with the younger lot. With the existing restrictions on liquor advertising, USL has promoted the brand by having strong on-trade presence through exclusive tie-ups with retailers.
The calender aims to boost fashion and tourism in India.
Australia's Trade Commissioner to India Elizabeth Sullivan has said that several food and beverages company in her country are keen to enter the Indian market.
UB Group chairman and Rajya Sabha member Vijay Mallya and Air Sahara chief executive officer U K Bose were on Monday honoured with the Distinguished Fellow Award, 2003.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
UB Group chairman Vijay Mallya and Airbus chief operating officer John Leahy signed an MoU to this effect at the 47th International Paris Air show on Wednesday.
He's also enjoying a new level of corporate respect.
McDowell & Co Ltd and Phipson Ltd, both part of Vijay Mallya's UB group, and associates have made a counter offer to shareholders of Herbertsons Ltd to acquire additional 45.2% stake at Rs 200 per share.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
The banks have asked the court to demand his return and to impound his passport.
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