The world's largest liquor maker Diageo Plc on Tuesday made an open offer worth Rs 11,448.91 crore (Rs 114.48 billion) to acquire an additional 26 per cent stake in United Spirits Ltd.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
The company will move swiftly to consolidate its recent acquisition of three distilleries and will also take a decision on setting up a Rs 650-crore two-furnace glass plant in Andhra Pradesh, said sources.
United Breweries says sales could fall by 40% following court ban.
Among other major companies, Cox & Kings made a total investment of $39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
Promoter stake rises seven per cent in revised filing.
Diageo, the world's largest distiller, has been focusing on compliance at United Spirits Ltd (USL) after its acquisition of a controlling stake in India's largest spirits maker.
Sebi issued final observations, necessary for the offer and the deal as a whole to go through, on May 21.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
A total of 17 cases have been filed against Kingfisher Airlines in different courts over outstanding amount of Rs 22.5 crore, which it owes to GMR
RBI, Enforcement Directorate to see if money was sent to tax haven
Shaw Wallace & Company Ltd, acquired by UB Group, would be merged operationally with the spirits business of United Spirits, chairman of the company Vijay Mallya said.
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
'USL owes us Rs 4.5 crore from November to March apart from the rest of this year. We will file a case of creditors' liquidation against USL within the next couple of days'
The company contented before the tribunal that the amount was paid outside India.
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.
Banks are seeking an order that Mallya should appear in person before the court.
Diageo asks Mallya to quit USL board; alleges fund diversion
US chipmaker Advanced Micro Devices (AM) on Friday announced a $400 million investment in India over the next five years and said it will build its largest design centre in Bengaluru. AMD chief technology officer Mark Papermaster made the announcement at the annual semiconductor conference in the presence of Prime Minister Narendra Modi. Undeterred by Taiwan's Foxconn pulling out of his group's $20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years.
- I think it's a 'No' at this point of time, purely based on the whole negative aura that has been generated
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
Fix India's real estate sector. Fix India's public sector banks, advises Tamal Bandyopadhyay.
Tech Mahindra and United Spirits will replace them in the 50-share index of the National Stock Exchange with effect from March 28.
Of the 16 FMCG firms, 12 companies saw an increase in their respective foreign institutional investors holding in three months ended September 2013 over the year-ago period, while the remaining four witnessed a decline in FIIs stake, according to a report by A C Choksi Share Brokers.
Diageo may not be able to recover $135 mn loan from Mallya firm
The BJP's Bihar unit responded to the tweet saying, "The first picture is your future and the second is of India. Understood?"
The lenders have not ruled out selling the property to recover part of their loans to the company.
FIIs have offloaded shares of Bajaj Corp, Nestle, Jyothy Laboratories and Britannia.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
The money was paid to Mallya in two tranches in his offshore accounts.
The aircraft was earlier owned by EIH (Oberoi group).
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
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Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
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