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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Agencies
January 24,2020

Mumbai, Jan 24: Former Indian cricket captain and former MP Mohammad Azharuddin on Thursday denied allegations of cheating levelled by a travel agency in Maharashtra and threatened to file defamation suit of ₹100 crore.

"Those who filed the FIR have done it only to be in the limelight. There is no truth in it. The allegations are baseless," Azharuddin said in a video message on Twitter.

Azahruddin, who is now president of Hyderabad Cricket Association, said he would soon seek advice from his lawyer and will file Rs 100 crore defamation case against those who lodged the FIR.

A case was filed in Aurangabad on Wednesday against Azharuddin and two others for allegedly cheating a local travel agent of around ₹21 lakh.

The complaint was lodged by Shahab Y. Mohammed, 49, proprietor of Danish Tours & Travels here, a former executive with the defunct Jet Airways.

"We have lodged a first information report against Mujeeb Khan (Aurangabad), Sudheesh Avikkal (Kerala), Mohammed Azharuddin (Hyderabad). No arrests have been made and further investigations are underway," Investigating Officer A.D. Nagre, of the City Chowk police station, told IANS.

According to the complainant, between November 9 and 12, 2019, Avikkal booked several international airline tickets and Azharuddin's personal secretary Mujeeb Khan promised to pay the ticket charges. He said since no payment was made, he was compelled to lodge the police complaint.

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News Network
April 15,2020

New Delhi, Apr 15: Indian cricket team head coach Ravi Shastri on Wednesday urged people to beat coronavirus by staying at home and by maintaining social distancing. He termed the virus 'mother of all World Cups' and asked people to combat this disease together and win the World Cup of humanity.

Taking to Twitter, Shastri shared a video post where he cited cricket examples to aware people about the seriousness of the COVID-19 pandemic. "As I would know, sports teaches you life lessons that can be applied to just about anything you want to pursue in rest of your life.

Today the COVID-19 has put us in a situation where we got our backs to the wall. To combat this coronavirus is like chasing a World Cup where you give your everything in trying to win it. What's staring you at the face is no ordinary World Cup. This is the mother of all World Cups where not just eleven are playing but 1.4 billion are in the playing arena and competing. Guys we can win this. For that, we have to observe the basics. You have got your Prime Minister leading from the front ahead of the curve like other countries have farmed out," Shastri said.

"You have to obey the orders that come from the top: be it centre, state or the frontline workers who are risking their lives. Two orders that stand out: staying home and maintaining social distancing. It is not easy but to win the game you got to go through the pain to break the chain and see the gain. Come on, guys! let's do it together. Let us get out there in a bruit force of 1.4 billion and beat this corona and get your hands on the World Cup of humanity. Let's do it," he added.

With 1,076 new COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 11,439, said the Union Ministry of Health and Family Welfare on Wednesday.

Out of the total tally, 9,756 cases are active while 1,306 patients have been cured/discharged and migrated. With 38 new deaths reported in the last 24 hours, the death toll rises to 377.

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News Network
July 6,2020

Karachi, Jul 6: Former Pakistan captain Inzamam-ul-Haq has said that questions will be raised if Indian Premier League is slotted in the window allotted to ICC T20 World Cup in Australia, which in all likelihood will be cancelled in the wake of the Covid-19 pandemic.

The ICC is yet to decide the fate of the T20 World Cup in Australia which is scheduled to take place from October 18 to November 15.

"There are rumors that the World Cup was clashing with the Indian Premier League (IPL) and the Australia-India series, therefore, it (T20 World Cup) won't take place," Inzamam said in his YouTube channel on Sunday.

"The Indian board is strong and has control in the International Cricket Council (ICC). If Australia says that we cannot hold the World Cup because of the Covid-19 pandemic, then their stance will be easily accepted, but if any such kind event happens during the same time, then questions will be raised," he said.

The 50-year-old former batsman, who has scored 8,830 runs in 120 Tests and 11,739 runs in 378 ODIs for Pakistan, further said, "People will think, if a country could host 12 to 14 teams (16 teams), then why the ICC could not look after the teams, after all Australia is such an advanced country.

"Another thing is the ICC should not be allowed to give priority to private leagues (IPL) on international cricket. This will lead to young players forcing on private leagues other than international matches."

The former coach, however, agreed that it is not easy to host 16 nations during the T20 World Cup.

"Australia can say that it was difficult for it to manage 18 teams (16) for the mega event as it is not easy. Likewise, the Pakistan team was in England in a hotel and all the facilities were being provided there, therefore, it has not been easy to manage 18 teams (16)," he said.

The fate of Asia Cup which PCB will be hosting in a neutral country for security reason is also an issue as no one knows the fate of the tournament originally scheduled in September.

Inzamam said: "I have also heard that objections are also raised on the dates of the Asia Cup as it is clashing with some other event.

"The ICC, the Asian Cricket Council (ACC) and all cricket boards should sit together and give a strong message that any such kind of impression (giving priority to private leagues instead of international cricket), won't take place," he said.

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