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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News Network
June 13,2020

Islamabad, Jun 13: Pakistan cricket team’s former captain Shahid Afridi, who has tested positive for coronavirus,  appears to have contracted the virus during his recent visit to Muzaffarabad city of Pakistan occupied Kashmir (PoK) where Pakistan has been sending its corona positive patients.

The former Pakistan cricketer was seen attending gatherings in Muzaffarabad last month without wearing a mask and not maintaining social distancing. He spewed venom against India during his rallies. 

Afridi visited PoK to also express his solidarity with the people there who have been left to fend for themselves in combating COVID-19 as Pakistan has refused to provide any COVID fighting equipment like PPE kits and ventilators to the area’s handful of hospitals. 

In fact, Pakistan has been using the PoK as a “dumping ground” for COVID-19 affected persons from all across the country as authorities want to keep Punjab province free of corona positive persons. 

The locals held massive protests against Pakistan for setting up quarantine centres and shifting patients from parts of Pakistan to PoK. 

People are immensely suffering in Pakistan occupied Kashmir due to spread of coronavirus as the region lacks proper medical facilities and has a handful of COVID-19 testing labs. There is also lack of expert medical staff to conduct COVID-19 tests. 

A large number of people here are presumed asymptomatic and they are fast spreading the virus because of lack of medical care. 

Pakistan has reported over 1,25,000 coronavirus cases and 2,463 casualties. In Pakistan occupied Kashmir, the COVID-19 cases have increased to 534, whereas in Gilgit-Baltistan 1,030 have been  reported. 

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Agencies
April 25,2020

London, Apr 25: Former Australian cricketer Graeme Watson who was fighting cancer, has died at the age of 75.

Primarily a middle-order batsman and a medium-pace bowler, he featured in five Tests from 1967 to 1972 and two ODIs in 1972, ESPNcricinfo reported.

The all-rounder earned the national call during the 1966-67 tour of Rhodesia and South Africa. Watson slammed a half-century in the first innings of the second Test of the series.

However, the medium-pace bowler was ruled of the next test after suffering an ankle injury. He returned for the fourth Test in Johannesburg where scalped his career-best 2 for 67 but failed to leave a mark with the bat as Kangaroos lost the series.

In 1971-72 he moved to Western Australia and played a major role in their Sheffield-Shield win in 1971-72, 1972-73, and 1974-75 seasons.

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