Vijay Mallya may sell RCB stake to escape debt trap

July 10, 2012

vijay-mallya

Bangalore, July 10: After the financial turbulence at Kingfisher Airlines, Chairman Vijay Mallya's United Spirits is looking at reducing its debt and bringing back the good times. It may even sell its stake in its Indian Premier League (IPL) team Royal Challenges Bangalore (RCB).


Vijay Mallya's acquisition of the brand White & Mackay helped United Spirits reach the top of the global pyramid, but it came at a cost. Its debt has surpassed Rs 7,000 crore and the company is looking at monetising its non core assets to bring this down to manageable levels.


When the price is right, these assets could well include treasury stocks, a stake in United Breweries, and even a stake in its cricket franchise Royal Challengers Bangalore - all worth between Rs 1,500 and Rs 2,000 crore.


Ashok Capoor, President & MD, USL, said, "We have non core assets we can monetise anytime - treasury stocks, UBL stocks, Royal Challengers. But we will not do any selling at this stage. We will only sell when the price and timing are right to bring our debt down in the future.


That's not all. After touching 120 million cases in volume sales last fiscal, USL is now shifting focus to margins. So the sales target 200 million cases by FY 16 is taking a back seat. USL will drive brands that will contribute to revenues, even if they don't add to the volumes initially.


Ashok Capoor said, "We are chasing value, brands that are more premium and the trend is also towards premiumisation, so with that agenda I don't think we will do 200 million cases by FY 16. It will be less than that."


The company is also hoping that input costs will stabilise this year, making its job much easier.


In 2011, the prices of key input elements, extra neutral alcohol or ena and glass, rose significantly, forcing USL to opt for an aggressive, higher-than-usual, 3.5 per cent price hike. But USL says both ena prices and glass availability are improving this year and as they say - every drop counts.



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Agencies
February 25,2020

Bengaluru, Feb 25: India opening batsman KL Rahul will be available for Karnataka's Ranji Trophy semi-final clash against Bengal at the Eden Gardens in Kolkata on February 29.

Rahul had asked to be rested from Karnataka's quarter-final match but is now available for the climactic stages of the Ranji Trophy. 

Karnataka had already been strengthened by the addition of Manish Pandey for the quarter-finals, with both Pandey and Rahul having returned from New Zealand after India completed the limited-overs leg of their tour, ESPNcricinfo reported.

Last year's finalists Saurashtra will take on Gujarat in the other semi-final at Rajkot. The other prominent players who will be part of the last four include Parthiv Patel (Gujarat), Jaydev Unadkat (Saurashtra) and Manoj Tiwary (Bengal).

Gujarat, Bengal, Karnataka, and Saurashtra had finished on top of the combined Groups A and B table, and all four progressed to the semi-finals after dominating their respective quarter-final matches.

Rahul has been phenomenal with the bat in the limited-overs series against Australia and New Zealand. He scored one century and four fifty-plus scores in his last ten innings in ODIs and T20Is combined

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News Network
February 12,2020

Mount Maunganui, Feb 12: India captain Virat Kohli on Tuesday berated his bowlers for their mediocre performance as he tried to explain the team's first ODI series whitewash in over three decades, saying that the visitors lacked composure all through.

The five-wicket defeat here meant that India lost the series 0-3 to an injury-plagued New Zealand that had been deflated by a 0-5 whitewash of its own in the T20 format just last week. It was India's first whitewash in 31 years in an ODI series in which all matches have been played.

"The games were not as bad as the scoreline suggests. It boils down to those chances that we didn't grab. I don't think it was not enough to win games in international cricket," Kohli said in the post-match presentation.

"With the ball, we were not able to make breakthroughs, we were not at all good on the field. We haven't played so badly but when you don't grab those chances, you don't deserve to win," he added.

"Batsmen coming back from tough situations was a positive sign for us, but the way we fielded and bowled, the composure wasn't enough to win games," he asserted.

The ineffectiveness of Indian bowlers can be gauged from the fact that the team's pace spearhead Jasprit Bumrah finished the series without a wicket and the attack couldn't dismiss the complete rival line-up even once.

Kohli lauded New Zealand for bouncing back after the T20 hammering.

"New Zealand played with lot more intensity. We didn't deserve to win because we did not show enough composure," he said.

The batting mainstay is looking forward to the Test series, which begins on February 21, to make amends for the disappointment.

"I think because of the Test Championship, every match has that more importance. We have a really balanced Test team and we feel we can win the series here, but we need to step on to the park with the right kind of mindset," he said.

His opposite number Kane Williamson, who missed the first two games due to injury, was lavish in his praise for the home team's grit.

"An outstanding performance, very clinical. India put us under pressure, but the way the guys fought back with the ball and kept them to a par total. The cricket in the second half was outstanding to see," he said referring to the side's effortless chase of a 297-run target.

"We know how good they (India) are at all formats but for us the clarity about the roles the guys had was the most important thing. Outstanding effort against a brilliant India side," he added.

Player of the Match Henry Nicholls, who scored 80 on Tuesday, said his team benefitted from good batting starts during the series.

"To come back and win 3-0 after the T20Is is nice. The way (Martin) Guptill played today allowed us to get ahead. We got a 100-run stand, but we were fortunate enough to get good starts this series," he said.

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News Network
March 4,2020

Mar 4: The BCCI has decided to implement strict cost cutting measures with the notable decision being IPL 2020 champions' prize money will be halved as compared to 2019. In a circular sent to all IPL franchises, the BCCI has notified that instead of a whopping Rs 20 crore, the IPL champion team will now receive Rs 10 crore only. "The financial rewards have been reworked as a part of the cost cutting measures. The champions will get Rs 10 crore instead of Rs 20 crore. The runners-up will get Rs 6.25 crore from earlier Rs 12.5 crore," a BCCI notification, in possession of news agency, read.

The two losing qualifiers will now get Rs 4.375 crore each.

"The franchises are all in good health. They also have multiple ways like sponsorships to bolster their income. Hence the decision on prize money taken," a senior BCCI source said.

However, a state association hosting IPL games will get Rs 1 crore each with franchises and BCCI contributing Rs 50 lakh each.

It has also been learnt that mid-level BCCI employees won't be allowed to avail business class flights like earlier times for flying to the Asian countries (Sri Lanka, Bangladesh, UAE) where the flying time is less than eight hours.

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