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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News Network
February 14,2020

London, Feb 14: Former Sri Lanka skipper and current Marylebone Cricket Club's president Kumar Sangakkara has said that the 2009 Lahore terror attack taught him about his own character and values.

His remarks came as MCC arrived in Pakistan to play T20I matches against Lahore Qalandars. This will mark his first return to the Gaddafi Stadium, where a shocking atrocity took place when the Sri Lankan bus was attacked by terrorists.

The Sri Lankan team was on their way to Lahore's Gaddafi Stadium for a Test match with Pakistan in 2009 when terrorists from the Taliban and Lashkar-e-Jhangvi (LeJ) fired indiscriminately at their bus. The attack left eight people dead and injured seven Sri Lankan players and staff.

Ever since the incident, no cricket team toured Pakistan to play a cricket series, however, the landscape changed last year as Sri Lanka paid a visit to the country to play a series across formats. After that, even Bangladesh toured Pakistan and now there are talks of South Africa going to the country to play a series.

"I don't think I need any flashbacks, because I remember that day and those moments so very clearly. It's not something I relive or wallow in. But it's an experience you should never forget, because it gives you perspective in terms of life and sport, and you learn a lot about your own values and characters, and those of others," ESPN Cricinfo quoted Sangakkara as saying.

"I have no reservations about talking about it, it's not something that upsets me, but these sorts of experiences can only strengthen you. Today I consider myself very fortunate to be able to come back here to Lahore, and at the same time remember the sacrifice of all those who lost their lives that day," he added.

Sangakkara said that every human has his own way of dealing with such adversity.

"I think everyone deals with it in their own personal way. But at the same time, what really unites us is that you face adversity and you face challenges, and you have to get past it, and you've got to do that successfully. It's about moving forwards and upwards and being part of cricket. Being Sri Lankan you learn those lessons quite well, because, throughout our civil war, cricket was a unique vibe," Sangakkara said.

"We speak about the attack at various times. We even have a laugh about it, in terms of what we went through because it helps sometimes to look at it with a bit of humour, even though there was a tragic loss of life, and other serious injuries within that incident," he added.

MCC in the weeklong tour will take on Lahore Qalandars in a T20 match at the Gaddafi Stadium later today.

Kumar Sangakkara will lead the MCC's twelve-man squad for the tour, which includes Ravi Bopara, Roelof van der Merwe, Ross Whiteley among others.

Fixtures for the upcoming tour are as follows:

MCC vs Lahore Qalandars, T20I, Gaddafi Stadium, February 14

MCC vs Pakistan Shaheens, ODI, Aitchison College, February 16

MCC vs Northern, Aitchison College, T20I, February 17

MCC vs Multan Sultans, Aitchison College, T20I, February 19.

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Agencies
March 14,2020

Sydney, Mar 14: New Zealand pacer Lockie Ferguson has been placed under 24-hour isolation amid the fears of coronavirus after he reported a sore throat following the first ODI of the ongoing three-match series against Australia in Sydney Cricket Ground (SCG) which the hosts won by 71 runs.

"In accordance with recommended health protocols, Lockie Ferguson has been placed in isolation at the team hotel for the next 24 hours after reporting a sore throat at the end of the first ODI," said New Zealand Cricket in a statement.

"Once the test results are received and diagnosed, his return to the team can be determined," it added.

The first ODI of the Chappell-Hadlee series was played in front of empty stands as the spectators were not allowed to be at SCG as a precautionary measure to contain the spread of coronavirus pandemic.

Earlier, Australian fast bowler, Kane Richardson was also tested for the coronavirus, after suffering from a sore throat on Thursday. That saw him left out of the squad for Friday's game but the test was negative.

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News Network
April 8,2020

New Delhi, Apr 8: Former Pakistan pacer Shoaib Akhtar on Wednesday proposed a three-match ODI series against arch-rivals India to raise funds for the fight against the Covid19 pandemic in both the countries.

The two nations have not played a full-series since 2007 due to the terrorist attacks on India by Pakistan-based outfits and the resultant diplomatic tension. They only play each other in ICC events and Asia Cup.

"In this time of crisis, I want to propose a three-match series in which for the first time, the people of neither country would be upset at the outcome of the games," Akhtar told PTI from Islamabad.

"If Virat (Kohli) scores a hundred, we will be happy, if Babar Azam scores a hundred, you will be happy. Both teams will be winners irrespective of whatever happens on the field," he said.

"You are bound to get massive viewership for the games. For the first time, both countries will play for each other. And whatever funds are generated through this can be donated equally to the government of India and Pakistan to fight this pandemic," added the 44-year-old.

No idea of logistics

With both countries in a lockdown amid the fast-spreading pandemic, the games can only be organised when things improve. However, Akhtar feels the sooner they are held, the better it would be but could not tell how the logistics of such an initiative would be worked out.

"Everyone is sitting at home at the moment, so there will be a massive following for the games. May be not now, when things start improving, the games could be organised at a neutral location like Dubai. Chartered flights could be arranged and the matches could he held.

"The whole world will tune into it, so much money can be raised to deal with this crisis. In difficult times, the character of the nation comes forward."

Start of a new era?

"It could even lead to resumption of bilateral cricketing ties and relations of both countries improve diplomatically. You never know," said the 'Rawalpindi Express'.

In these extraordinary times, Akhtar feels both countries should help each other. "We can only propose the matches. The rest is up to the authorities (to decide)."

India cricketers Yuvraj Singh and Harbhajan Singh were recently trolled for asking their social media followers to donate to Shahid Afridi's charity foundation which is doing its bit in Pakistan's fight against the deadly virus.

"It was inhuman to criticise them. It is not about countries or religion at the moment, it is about humanity," he opined.

India memories

Akhtar has spent a lot of time in India as a commentator. He fondly recalled his days in Mumbai during the World T20 in 2016, the last time he came to India for work.

"I am forever grateful about the love I have received from the people of India. For the first time I am revealing this, whatever I used to earn from India, I made a significant amount there, thirty percent of it, I used to distribute among the low income staff who used to work with me in the TV," he remembered.

Akhtar used to visit the city's slum areas with his face covered to hand out financial help to elder women there.

"From drivers, runners to my security guys. I took care of a lot of people. I was like if am earning from this country, I have to help my colleagues also.

"I also remember visiting slums of Dharavi and Sion in the wee hours to meet people I worked with," added Akhtar.

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