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
July 7,2020

Mumbai, Jul 7: Australias second largest city Melbourne is set to go for another round of lockdown — for six weeks — from midnight Wednesday as the coronavirus has reared its ugly head in Victoria. And this has further confirmed that this years T20 World Cup in Australia is practically not possible. Even as the ICC keeps delaying the announcement, BCCI hopes that the official call will now be taken with this latest development.

Despite ICC's Financial and Commercial Affairs Committee (F&CA) chief Ehsan Mani as well as Cricket Australia making it clear time and again that hosting a T20 World Cup in the October-November window is practically impossible, the ICC hasn't made an official announcement and that hasn't impressed the Board of Control for Cricket in India (BCCI).

Speaking to media persons, a BCCI official said that it is only the ICC which has kept speaking about delaying the inevitable — announcing a postponement — even as Cricket Australia chairman Earl Eddings wrote to the international body that it looks highly unlikely that a T20 World Cup can be hosted in these trying times.

"As it is there were so many logistical difficulties and that is perfectly understandable. The Australian government has been addressing the public health issue efficiently and there are regulations in place which are crucial to address the challenges. In that background even Cricket Australia has been practical in their assessment of the situation.

"With this present situation where Melbourne is in lockdown, the ICC really must take the final call of closure on the issue if they have any concept of responsible decision making," the official said.

Not just CA chairman Eddings, but also Mani — who is also the PCB chief — recently told the media that the T20 World Cup cannot be held in a bio-secure environment.

"We have had a lot of discussions and the feeling is it (T20 World Cup) would not be possible this year. ICC has World Cups lined up in 2021 and 2023, so we have a gap year where we can adjust this event. God forbid if some player(s) falls ill or mishap occurs during the tournament, it will have a big impact and create panic in the cricket world and we can't take that risk. Having a bio-bubble environment is feasible for say a bilateral series like Pakistan in England, but it is very difficult when 16 teams are involved," he had said.

Cricket Australia's interim CEO Nick Hockley echoed the sentiments when he said the biggest challenge was to get the players from so many teams into the country.

"Our biggest challenge is getting 15 teams into the country. If I compare it with the prospect of a bilateral tour, you're talking about bringing one team in and then playing individual matches. But the prospect of bringing 15 teams in and having six or seven teams in one city at the same time, it's a much more complex exercise," he had said.

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News Network
March 6,2020

Melbourne, Mar 6: Experienced middle-order batter Veda Krishnamurthy believes that "destiny" is in favour of first-time finalist India to win their maiden ICC Women's T20 World Cup title provided they get a grip on their nerves in the summit clash against Australia on Sunday.

India will have a psychological advantage going into the final as they had stunned the defending champions by 17 runs in the tournament opener.

The Harmanpreet Kaur-led India reached the final on the basis of their unbeaten record in the tournament after their semifinal against England was washed out on Thursday.

Krishnamurthy, who was a part of the Indian team that finished runner-up to England in the 2017 Women's ODI World Cup, knows the pain of missing out on a world title.

"It's all about destiny, and I'm a big believer in destiny. I feel like this is the way it was meant to be. There is a joke going around that this World Cup is made in such a way that it's helping us, starting from the wickets to everything else," she was quoted as saying by the tournament's official website.

"Being in the final is just reward for the way we played in the group stages. There was an advantage to having won all our games with the weather not in our hands."

The team's first target of reaching the final having achieved, the 27-year-old player said the Indians now need to hold their nerves and remain focussed leading up to the big day on Sunday.

"We said the first aim was to get to the final and take it from there. We've crossed the first stage. We need to make sure we hold our nerves and we do what we need to do on the final day," she said.

India's recent rivalry with Australia has taken fascinating twists and turns, with Kaur's outfit chasing down 173 in their recent tri-series, then getting home by 17 runs in the T20 World Cup opener.

But all is not hunky-dory for Krishnamurthy on the personal front. Considered a great finisher, she has recovered from a series of single-digit scores in the tri-series to score 20 from 11 balls in a finishing role against Bangladesh.

Having amassed just 35 runs from four matches in the tournament so far, the Karnataka batter knows her role in the team.

"As an individual, the role given to me is very consistent in the last year. They've put the effort in the last year to keep me there and I've been supported by every individual, not just one or two. The entire team, with all the support staff, have shown faith in me," she said.

"I know coming into the World Cup, I would play a crucial role to finish the innings well, which I felt I was unable to do in the last World Cup in the West Indies," she added.

Krishnamurthy said specific roles have been set for every player of the squad and they all are trying to contribute as much as they can to help the team achieve its goal.

"I was very motivated to do my role and I've been working on that. It's not just me, all 15 players involved know what their role is," she said.

"I'm happy we're all putting in efforts and executing our role properly. Even if it's a smallish contribution of saving a couple of runs, it's all panned out really well."

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News Network
January 3,2020

Jeddah, Jan 3: Spanish driver Fernando Alonso is aiming to create history as the first Formula One world champion to win the Dakar Rally when the 12-day marathon gets underway in Saudi Arabia on Sunday.

Alonso, who won the F1 championship with Renault in 2005 and 2006, is one of 351 starters in this year's 7,500 km race which has moved from South America to Saudi Arabia, both venues a long way from the original 1979 route between Paris and the Senegalese capital Dakar.

Among the starters will be motorbikes, quad bikes and trucks but Alonso, who will have five-time bike champion Marc Coma navigating his Toyota, will be in the car category as he bids to become one of the greatest all-round drivers of all time.

Apart from his success in F1, the 38-year-old Spaniard has also won the Le Mans 24-hour race and has singled out the Indianapolis 500 as his priority for 2020. He describes Dakar as “the biggest challenge of my career”.

Alonso is not the first F1 driver to take part in the race, however.

The Belgian Jacky Ickx, a winner of eight grand prix and six-time winner of Le Mans, won Dakar in 1983 and came second in 1986 and 1989. Frenchman Patrick Tambay, who had two wins in his 114 grand prix, came third in 1988 and 1989.

Given the treacherous conditions--long stretches of sand dunes--Alonso is not overly confident of challenging for victory, noting that even the nine-time world rally champion Sebastien Loeb was unable to deliver when he raced the Dakar. Loeb won 13 stages but could only finish second in 2017 and third in 2019.

“If Loeb still hasn't won the Dakar, imagine me, who is coming from asphalt,” Alonso told RTVE. “I think the goal is more to approach the rally as an enriching experience for us.”

Fellow Toyota driver Nasser Al-Attiyah is a more likely candidate, not least because the Qatari is a three-time winner and reigning champion.

"Give me some sand and I'm happy," Al-Attiyah told dakar.com.

He will be pressed, however, by the Minis of Carlos Sainz and 'Monsieur Dakar' aka Stephane Peterhansel who has won 13 Dakars across bikes and cars in 30 races.

“We are obviously very excited about the Dakar in Saudi Arabia. It will be a new challenge for everyone,” said Peterhansel who will be partnered by Paulo Fiuza after the Frenchman's wife Andrea pulled out for health reasons.

“Unfortunately, it is not possible to contest the rally with Andrea, as was planned, however I have known Paulo Fiuza for a very long time. According to the organisers, the navigation will be very complicated and play a major role this time.”

Cyril Despres, a five-time winner on bikes, is also back with a new teammate -- explorer Mike Horn.

“I was stuck in the ice for a month, and now I'm heading to Jeddah. For the first time, the Dakar Rally is in Saudi Arabia and I'm doing it with a very good friend of mine, Cyril Despres,” tweeted Horn whose adventures include an 18-month solo journey around the equator without using any motorised transport.

Horn is also the first man to travel without dogs or transport to the North Pole during winter, in permanent darkness.

Across the dunes of Saudi Arabia that experience may come in handy.

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