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 11,2020

Melbourne, Feb 11: Opener David Warner received Allan Border Medal, while all-rounder Ellyse Perry bagged Belinda Clarke medal in the 2020 Australian Cricket Awards on Monday.

Warner secured his third (2016, 2017, 2019) Allan Border Medal and Perry a trio of Belinda Clarke Awards (2016, 2018, 2019) as voted by their peers, umpires and the media across all forms and every game of international cricket in 2019.

Warner dominated the ICC World Cup with 647 runs including a highest score of 166 at an average of 71.88, including three centuries. He then rebounded from a challenging Ashes series to dominate at home in the T20I series against Sri Lanka and Pakistan, the Test series against Pakistan - which included his memorable innings of 335 not out in Adelaide - and the Test series against New Zealand.

Warner (194) outpolled Ashes hero Steve Smith by a single vote for the Allan Border Medal with paceman Pat Cummins, the ICC International Cricketer of the Year, third in the polling with 185 votes.

Perry enjoyed an incredible year with both bat and ball, starting with dominant Ashes performances which included an innings of 116 in the Test in Taunton and 11 wickets in the three ODIs.

Her figures of 7-22 at Canterbury were the best ODI figures by an Australian woman's player. She backed that up against the West Indies by taking 3-17 in the opening ODI and then scoring 112 not out in Antigua before finishing the year with a solid series against Sri Lanka at home. Perry (161) was a comfortable winner of her third Belinda Clarke Award from Alyssa Healy (153) and Jess Jonassen (87) taking second and third place respectively in the voting.

Breakout batsman Marnus Labuschagne's superlative Test summer and Ashes series secured him the Male Test Player of the Year. Having replaced Steve Smith as a concussion substitute in the Lord's Test, Labuschagne went on to make 353 runs at 50.42 in the Ashes.

His outstanding form continued at home with a first-up 185 against Pakistan at the Gabba and a Test high 215 against New Zealand in Sydney. He scored 347 runs at an average of 173.5 against Pakistan and 549 runs at 91.5 against New Zealand. Limited overs captain Aaron Finch (38) capped a stellar year by being voted the Men's One-Day International Player of the Year ahead of Usman Khawaja (33) and Warner (24).

Finch's year included a massive series against Pakistan in the UAE with 451 runs at 112.75, including knocks of 116, 153 not out and 90. He then dominated the World Cup with 507 runs at 50.7, including 153 against Sri Lanka and 100 against England at Lords. Warner (19) continued his magical year in the T20I game to become the Men's T20 International Player of the Year from Glenn Maxwell (16). Kane Richardson and Steve Smith (8) tied for third.

Alyssa Healy claimed top honours as the women's One-Day International Player of the Year with 39 votes ahead of Perry (33) and Jonassen (19). Healy scored a double by also claiming the women's T20 Player of the Year with 18 votes, ahead of Jonassen and Meg Lanning who were tied on 15. It was the second consecutive year that Healy has won the women's ODI and T20 Awards.

West Australian veteran Shaun Marsh was voted Men's Domestic Player of the Year with 1322 runs at 52.88 in all forms of the game, including the highest score of 214, while breakout paceman Wes Agar was named the Bradman Young Cricketer for his 41 wickets at 22.62 in the year.

Molly Strano and Tayla Vlaeminck took the prized Women's Domestic Player of the Year and Betty Wilson Young Cricketer of the Year awards respectively.

Strano took 28 wickets in 22 games while Vlaeminck's 19 wickets for the year reinforced her enormous potential.

Former Hobart Hurricane Corrine Hall was named Community Champion for her work as an Ambassador of the Kindness Factory, grassroots cricket, and upcoming book Victress, which features 35 iconic female athletes and their stories. Each portrait is accompanied by the athlete's story, with a particular focus on how kindness impacted their journey.

The awards for international cricket are based on votes from players, umpires and the media on a 3-2-1 basis from each match. For the domestic awards, the votes are collected from all players.

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News Network
March 3,2020

Sydney, Mar 3: Former Australia pacer Brett Lee foresees a "different" looking India making their maiden T20 Women's World Cup final and attributed their rise to the emergence of star players like 16-year-old Shafali Verma.

Besides opener Shafali, experienced leg-spinner Poonam Yadav has been the other match-winner for India in the competition. The Harmanpreet Kaur-led side topped the group stage with four wins in as many games and play their semifinal here on Thursday.

"They've never reached the final but this is a different India team from the one they’ve seen before. They've combined match-winners in Shafali Verma and Poonam Yadav with consistent players with both bat and ball," Lee was quoted as saying by ICC.

"We've always known they have some of the best players in the world but now Harmanpreet Kaur has a team around her that can support the big players, and fill in the gaps when they have an off day."

Only a special effort from their opponents can stop India from reaching their maiden final, feels Lee.

They'll go into the semi-finals full of confidence and it will take an excellent team to stop them from reaching the Final."

Talking more about Shafali, who has got 47, 46, 39, and 29 so far, Lee backed the teen sensation to make a bigger score in the semifinal.

"Shafali Verma has been excellent at the top of the order, she’s brought a fearless energy to India’s batting and been brilliant to watch.

"You feel she can go even bigger as well – she hasn't reached 50 yet, which is both exciting for those watching and worrying for the bowlers.

"We saw from the opener against Australia just how good India can be, and it’s no surprise they’ve continued that form to top Group A," he added.

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News Network
May 28,2020

New Delhi, May 28: India is not at risk of losing hosting rights for next year's Twenty20 World Cup despite its cricket board's failure to secure a tax exemption for the event, a key BCCI official has told Reuters.

Tax exemptions for International Cricket Council (ICC) events are listed as a requirement in host agreements and the BCCI was supposed to confirm they had secured one by May 18.

ESPNcricinfo, citing correspondence between the two bodies, has reported that the ICC has threatened to shift the tournament away from India over the issue.

However, BCCI treasurer Arun Singh Dhumal told Reuters that would not happen and that negotiations were continuing.

"There is no risk to the tournament," he said by telephone.

"That is a work in progress. We are discussing it with the ICC and we'll resolve it."

The BCCI encountered a similar problem when it hosted the event in 2016 when the government refused to provide a tax exemption, and there has been no change in New Delhi's stance despite the board's appeals.

Failure to secure that exemption in 2016 saw the ICC withhold an equivalent sum from India's share of revenue from the governing body's grants and it appears to be taking an even harder line this time around.

"There are certain timelines within the agreements that we collectively work towards to ensure we can deliver successful world class events and continue to invest in the sport of cricket," an ICC spokesperson told Reuters.

"In addition to this the ICC Board agreed clear timelines for the resolution of the tax issues which we are guided by."

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