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
March 27,2020

New Delhi, Mar 27: Batting maestro Sachin Tendulkar on Friday donated Rs 50 lakh to fight the COVID-19 pandemic, which has so far claimed 17 Indian lives and wreaked havoc globally.

Tendulkar's donation is so far the biggest contribution among India's leading sportspersons, some of whom have pledged their salaries while a few others have donated medical equipment to fight the dreaded outbreak, which has caused more than 24,000 deaths globally.

"Sachin Tendulkar decided to contribute Rs 25 lakh each to Prime Minister's Relief Fund and Chief Minister's Relief Fund in his bid to join the fight against COVID-19. It was his decision that he wanted to contribute to both funds," a source privy to the development, told PTI on conditions of anonymity.

Tendulkar has been associated with a lot of charity work and there has been umpteen times, he has taken up social causes, helped people, which has never been brought to public notice.

Among other prominent cricketers, the Pathan brothers -- Irfan and Yusuf -- donated 4000 face masks to Baroda police and health department while Mahendra Singh Dhoni, through a Pune based NGO, made a contribution of Rs 1 lakh.

Among athletes from other disciplines, wrestler Bajrang Punia and sprinter Hima Das are some of the prominent names to have donated their salaries in the battle against the dreaded virus which has led to a 21-day national lockdown.

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Agencies
January 26,2020

New Delhi, Jan 26: The sports fraternity on Sunday extended greetings to the people on the occasion of the 71st Republic Day.

Former cricketer Sachin Tendulkar took to Twitter to write: "Wishing all Indians a very happy Republic Day."
"Rejoice the Glory of India and it's Freedom Fighters on this Republic Day. Wish you a very happy #RepublicDayIndia . Jai Hind !" former batsman VVS Laxman tweeted.

"Wish you all a very happy #RepublicDay2020 from here in New Zealand," Irfan Pathan tweeted.

Boxer Vijender Singh said India is blessed with different religions, societies, cultures and languages.

"INDIA is a nation where humanity has lived since ages.It is a country which is blessed with different religions,societies,cultures & languages all interplaying with each other in harmony. PROUD OF UNITY IN DIVERSITY #RepublicDayIndia #RepublicDay2020," Singh wrote on the micro-blogging site.

Former cricketer Virender Sehwag, wrestler Yogeshwar Dutt, wrestler Sushil Kumar and tennis player Sania Mirza also extended their greetings on the occasion.

On this day, 70 years back, India officially adopted its Constitution. Brazilian President Jair Messias Bolsonaro is the chief guest at the parade this year.

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News Network
February 11,2020

Dubai, Feb 11: Two Indian players-- Akash Singh and Ravi Bishnoi -- and three Bangladeshis have been charged by the International Cricket Council (ICC) for involvement in the quarrel just after the U-19 cricket World Cup summit clash in Potchefstroom, South Africa on Sunday.

Akash and Bishnoi and three Bangladeshi players -- Md. Towhid Hridoy, Shamim Hossain and Rakibul Hasan -- were found guilty of breaching the ICC Code of Conduct after a few players from both sides nearly came to blows after Bangladesh beat India by three wickets to win their maiden U-19 World Cup title.

"Five players have been found guilty of a Level 3 breach of the ICC Code of Conduct for Players and Support Personnel ... (they) were charged with violating Article 2.21 of the code, whilst Bishnoi received a further charge of breaching Article 2.5," the ICC said in a statement.

"All five players have accepted the sanctions proposed by ICC U-19 Cricket World Cup Match Referee Graeme Labrooy," it added.

A near brawl broke out after Bangladesh’s historic win over India in the final. The Bangladesh players were aggressive during the Indian innings with lead pacer Shoriful Islam frequently sledging the Indian batsmen.

As soon as the match ended, Bangladeshi players rushed into the playing area.

"India's Akash accepted the charge of breaching Article 2.21 and has received a sanction of eight suspension points, which equates to six demerit points, which will remain on his record for two years," the ICC said.

Compatriot Bishnoi accepted the charge of breaching Article 2.21 and has received a sanction of five suspension points, which equates to five demerit points.

"Bishnoi also accepted a level 1 charge of breaching Article 2.5 for a separate incident during the match, where he used language, actions or gestures which disparage or which could provoke an aggressive reaction from a batter following the dismissal of Avishek Das in the 23rd over," said the ICC.

"For this he received a further two demerit points meaning seven demerit points will remain on his record for the next two years."

Bangladesh's Towhid Hridoy accepted the charge of breaching Article 2.21 and has received a sanction of ten suspension points, which equates to six demerit points, which will remain on his record for two years.

Shamim Hossain accepted the charge of breaching Article 2.21 and has received a sanction of eight suspension points, which equates to six demerit points, which will remain on his record for two years.

Rakibul Hasan accepted the charge of breaching Article 2.21 and has received a sanction of four suspension points, which equates to five demerit points, which will remain on his record for two years.

All charges were levelled by on-field umpires Sam Nogajski and Adrian Holdstock, third umpire Ravindra Wimalasiri as well as fourth umpire Patrick Bongni Jele. Level 3 breaches carry a minimum penalty of four suspension points and a maximum penalty of 12 suspension points.

The suspension points will be applied to the forthcoming international matches the players are most likely to participate in at either senior or U-19 level. One suspension point equals a player being ineligible for one ODI or T20I, U-19 or A team international match.

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