United Breweries Ltd plans to invest about Rs 100 crore (Rs 1 billion) in establishing new Greenfield brewery plants in Orissa, Rajasthan and Uttar Pradesh, as well as expanding the ones.
United Breweries Ltd on Friday posted a net profit of Rs 34.2 crore (342 million) for the second quarter ended September 30, as against Rs 19.5 crore (195 million) in the year-ago period.
The new beer's rollout has begun in Rajasthan. Under a phased expansion strategy, Karnataka is expected to follow, with more states to be added based on early response.
The board of directors will review the position of Vijay Mallya, under self-exile in Britain, at its next meeting on August 12.
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries Ltd, taking its total shareholding to 61.50 per cent. "Heineken N.V. today (on Wednesday) announces that it has acquired an additional 39,644,346 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement. UBL, with its flagship brand 'Kingfisher', is the leading player in the beer market in India.
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd, Heineken NV, the world's third-largest brewery firm, on Monday agreed to permit UBL to brew and market the Heineken brand in India.
Last month, India's AlcoBev industry pulled off a successful two-day showcase exhibition at the Hotel Renaissance in Powai. We got experts to show readers how they can create some mind-boggling cocktail concoctions, so watch and learn.
United Breweries Ltd has bought out the minority stake of 35 per cent in Associated Breweries and Distilleries Ltd with the deal being finalised at a put option price of Rs 24 crore (Rs 240 million).
McDowell has acquired 85 per cent of Triumph Distilleries and Vintners Pvt Ltd at around Rs 600 million from a clutch of investors.
United Breweries Ltd Chairman Vijay Mallya received over Rs 1.4 crore as commission and sitting fees during 2011-12 from the company.
Banks tighten hold on Mallya for defaults on KFA loans
More than half of Mallya's total package for 2015 has been paid by Mendocino Brewing Company for 'promoting' the company's beer brands
With this, Heineken's stake has risen from 39% to 42.2%.
The money was paid to Mallya in two tranches in his offshore accounts.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
United Breweries says sales could fall by 40% following court ban.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
In January, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.
In an SEC filing dating back to 1997, he figures as "J Vallabh".
UB Group stocks, led by United Breweries Holdings Ltd, on Monday slumped by up to 5.3 per cent as trouble mounted for Vijay Mallya.
Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification.
He sold 8.84% stake for Rs 55 crore based on average stock price in September quarter.
Diageo may not be able to recover $135 mn loan from Mallya firm
Promoter stake rises seven per cent in revised filing.
Kingfisher Airlines Chairman Vijay Mallya has blamed almost everyone, including engine suppliers, employees, banks and tax authorities, for grounding of the carrier since October last year.
United Spirits Ltd will launch five brands in China as part of its entry into the communist country's market.
Deal will help the Diageo to ramp up its presence in the global whiskey market and Vijay Mallya to repay debts of its group company Kingfisher Airlines.
United Spirits wants to align its resources to meet its goals of becoming a trusted and respected consumer goods company.
UBHL chairman sold 8.41% stake, but didn't disclose.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
Diageo gets assurance, Heineken may seek one, too.
Continuing with his acquisition juggernaut on foreign shores, liquor baron Vijay Mallya of United Breweries Group has now set his sights on New Zealand based company Independent Liquor Ltd.
Vijay Mallya-controlled UB Group's open offer for acquiring stake in liquor firm Shaw Wallace will begin on April 18, the manager to the offer said on Thursday.
In a move that could change the sweepstakes in the Indian beer market, brewing giant SABMiller plans to acquire rival Scottish & Newcastle in a $12.8 billion deal, the Sunday Express said on Sunday.
The banks have asked the court to demand his return and to impound his passport.
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