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.



Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 19,2020

Rome, Jan 19: India's star wrestlers Bajrang Punia and Ravi Kumar Dahiya kicked off the Olympic year in style, winning a gold medal each in their respective weight categories at the Rome Ranking Series here.

The 25-year-old Bajrang staged a remarkable comeback to secure a 4-3 win against USA's Jordan Michael Oliver in the summit showdown of the 65kg freestyle category.

Ravi, who competed in the 61kg category instead of his regular 57kg, also bagged gold after getting the better of Kazakhstan's Nurbolat Abdualiyev 12-2 in his final bout late on Saturday night.

The 23-year-old from Sonepat had made the final round after securing impressive wins over Moldova's Alexaandru Chirtoaca and Kazakhstan's Nurislam Sanayev.

Up against one of India's biggest medal prospects in the Tokyo Olympics, Oliver conceded that it was not his night against Bajrang.

The American lauded the competitive spirit of Bajrang.

"Wasn't my night… but I got a lot of work to do to be where I want to be! Hats off to @BajrangPunia dude is heck of a competitor! Until next time my friend," the American tweeted.

Bajrang had to sweat it out in the first round against Zain Allen Retherford of the USA before prevailing 5-4.

In the quarterfinal, the ace Indian wrestler went past another American Joseph Christopher Mc Kenna 4-2, before getting the better of Vasyl Shuptar of Ukraine 6-4 in the semi-finals.

However, it was curtains for Jitender in the 74kg and world championship silver medallist Deepak Punia in the 86kg category.

Jitender won his first bout against Denys Pavlov of Ukraine 10-1 before going down in the quarterfinals against Turkey's Soner Demirtas 4-0.

Jitender got a chance to fight in the repechage after Demirtas entered the final, but the Indian wasted the opportunity, losing 2-9 to Daniyar Kaisanov of Kazakhstan.

In the 86kg category, Deepak crashed out in the opening round, losing 1-11 to Ethan Adrian Ramos of Puerto Rico.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 15,2020

New Delhi, May 15: Former England skipper David Gower feels Sourav Ganguly has the right "political skills" to lead the ICC one day and he has already displayed that as BCCI president, which is a "far tougher job".

The elegant left-hander is very impressed with Ganguly's leadership abilities and believes that he has what it takes to head the global body in the future.

"One thing I have learnt over the years is that if you are going to run BCCI, you need to be many, many things. Having a reputation like he (Ganguly) has is a very good start, but you need to be a very deft politician.

"You need to have control of a million different things," Gower said ahead of "Q20", a unique chat show for the fans presented by 'GloFans'.

Gower reckons being president of the BCCI is the toughest job imaginable in world cricket.

"And of course, you need to be responsible for a game that is followed by, I mean, should we say a billion people here in India," he said.

"We all know about the immense following for cricket in India. So it is indeed a wonderful thing to behold. Sourav has the toughest task imaginable in charge of BCCI, but so far I would say the signs are very good.

"He has listened, given his own opinion and has pulled strings gently," he said.

Political skills are a must in administration and that's where Gower finds his fellow left-hander ticking all the boxes.

"He is a very, very good man and has those political skills. He has the right attitude and can keep things together and will do good job. And if you do a good job as BCCI chief in the future, who knows?

"But I would actually say the more important job, to be honest, is running BCCI. Being head of ICC is an honour, there is a lot that can be done by ICC, but actually look at the rankings, look at where the power is heading up. BCCI is definitely the bigger job," he said.

On the cricketing front, Gower believes World Test Championship has given the format much-needed context.

"The idea of this World Test Championship has come about for one very simple reason that people are worried about the survival of Tests. Back in the seventies, eighties, I don't think we needed context to be fair.

"Test cricket was very much more obviously the most important format and if there was anything to be judged by, it was the performances in Test matches both as an individual and as a team.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 3,2020

Mumbai, Mar 3: India on Tuesday retained their number one spot and captain Virat Kohli remained static at second in the ICC rankings despite a dismal Test series against New Zealand.

India have 116 rating points, six more than New Zealand with third-placed Australia accumulating 108 points. The 0-2 result against New Zealand was India's first series loss in the World Test Championship.

Kohli remains in second position in the batting rankings despite a forgettable Test series in which he made 38 runs in four innings, the ICC said in a statement.

New Zealand opener Tom Blundell and his Indian counterpart Prithvi Shaw and debutant paceman Kyle Jamieson were among the biggest movers in the rankings, released on Tuesday.

Blundell had a successful series against India, scoring 117 runs in four innings, with one half-century, which put him among the top two run-scorers in the series.

The performance meant he was rewarded with a jump of 27 places to No. 46. Shaw, who returned for his first series since his Test debut against West Indies in 2018, and made a punchy 54 in the first innings of the Christchurch Test, rose 17 places to No.76.

Australia's Steve Smith retained his top spot, holding a 25-point advantage over Kohli. Smith's apprentice Marnus Labuschagne jumped one spot to round off the top three, taking the place of New Zealand captain Kane Williamson.

England all-rounder Ben Stokes and India opener Mayank Agarwal moved a spot each and swapped places to break into and fall out of the top 10 respectively.

Among bowlers, Tim Southee's Player of the Series winning performance against India took him into the top five, with a jump of two places to No.4, while Jasprit Bumrah and Trent Boult returned to the top 10, gaining four places each to occupy the seventh and ninth positions respectively.

But the biggest gainer was Jamieson, who rose from No. 80 to 43.

There was only one change in the top ten among all-rounders, with Southee dropping a spot to No.10 and team-mate Neil Wagner falling out of the top 10 with a drop of four spots.

As with the bowling rankings, Jamieson, who frustrated India with handy lower order runs, gained big on the all-rounders' table, rising 26 places to No. 22.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.