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
January 13,2020

Mumbai, Jan 13: India captain Virat Kohli indicated at dropping himself down the batting order to accommodate both Shikhar Dhawan and KL Rahul in the playing XI against Australia in the first ODI of the three-match series starting Tuesday.

With vice-captain Rohit Sharma an automatic pick, the team management is left with tough choice of selecting either Dhawan or Rahul in the XI. But the skipper sees no reason why both can't play together.

"Look, a guy in form is always good for the team. ...You obviously want to have the best players available and then chose from what the combination should be for the team. There might be a possibility that all three (Rohit, Shikhar and Rahul) might play. It will be interesting to see what balance we want to take in on the field," Kohli said on the eve of the match.

Asked if he would he be happy to bat lower down the order, Virat said,"Yeah, big possibility. I would be very happy to do so. Look I am not possessive about where I play. I am not insecure about where I bat," said the skipper.

For Kohli, it is more important as to what kind of leadership legacy he leaves behind rather than chase personal glory.

"Being the captain of the team, it is my job to make sure that the next lot is also ready. A lot of the other people might not look at it that way, but your job as a captain is not only to look after the team right now, but also to prepare a team that you leave behind when you eventually pass it onto someone else," he added.

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Agencies
May 23,2020

New Delhi, May 23: Sports Minister Kiren Rijiju on Saturday said India will not host any international event in immediate future and fans will have to learn to live with the new normal of sporting activities happening behind closed doors in the post-COVID-19 world.

Rijiju's statement gain greater significance in the context of the suspended IPL, which the BCCI wants to host in October-November in case of the ICC T20 World Cup in Australia is postponed.

"We have been working for quite some time now to resume sporting activities but before that, we have to think about practice and training. We are not going to have a tournament kind of situation immediately," Rijiju was quoted as saying by India Today.

For latest updates on coronavirus outbreak, click here

"We have to learn to live with the situation where sporting events will have to be carried forward without spectators in stadiums and sports venues," he added.

Talking specifically about the 13th edition of IPL, which has been put on hold for an indefinite period due to the pandemic, Rijiju said it is the government's prerogative to take a call on conducting any tournament in the country.

"In India, the government has to take a call and it will take a call depending on the situation. We cannot put health at risk just because we want to have a sporting event.

"Our focus is fighting Covid-19 and at the same time, we will have to work a mechanism to get back to normalcy. It is difficult to confirm dates but I am sure we will have some kind of sporting events this year," he said.

Rijiju's statement came close on the heels of Sports Authority of India (SAI) laying out a detailed Standard Operating Procedure for the resumption of sporting activities across the country in a phased manner.

"In the background, their (athletes) fitness and everything has been tracked. They are in touch with the coaches, the fitness experts, the high-performance directors. We are monitoring each and every athlete who are of the higher stature, who played for India and higher clubs," he said.

"Now it has been laid out. SAI has prepared a detailed SOP. These are prepared by experts from different fields. This SOP has already been issued to all sports federations and other sports bodies including govt stakeholders. So, based on this SOP training will start."

Coronavirus India update: State-wise total number of confirmed cases, deaths on May 23

The Sports Minister, however, reiterated that resumption of sporting activities will entirely depend on guidelines of respective states and local administrations.

"We have been clearly advising that health and safety are top priorities. Besides that we have to keep in mind two other things, one is the guidelines issued by the Home Ministry, second, is the guidelines issued by the administrations of the respective localities or states. So, these are to be taken into account," he said.

"But we have clearly stated that sports complexes and stadiums are open, other than that there should not be any activities till the lockdown is there or we come up with a renewed kind of advice."

Asked about the prospect of the Tokyo Games that were scheduled for this year but were postponed to 2021 due to the pandemic, the Sports Minister said he is hopeful of the quadrennial event taking place on the revised dates.

"Olympics is still far away and we have full confidence in the Japanese government and IOC and every country will support that the conduct of Tokyo 2021 will not be postponed. There are too many stakes in Olympics, so it is difficult to even foresee that the Olympics can be postponed," he said.

"As far as India's preparation goes, we are at the best stage of our preparation of any Olympics so far in history. This is going to be India's biggest contingent so far and have medal-winning prospects. But I am not saying we are so prepared to finish in the top 10 or 5 but our long term target is that India will be in the top 10 in 2028.

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News Network
June 10,2020

Kingston, Jun 10: "Enough is enough", said West Indies all-rounder Dwayne Bravo as he opened up on the raging issue of racism and called for "respect and equality" for black people, who have faced discrimination for years.

Bravo joined the likes of his former captain Darren Sammy and Chris Gayle in denouncing racism in the wake of African-American George Floyd's killing at the hands of a white police officer in the USA.

"It's sad to see what's going on around the world. As a black man, we know the history of what black people have been through. We never ask for revenge, we ask for equality and respect. That's it," Bravo told former Zimbabwe cricketer Pommie Mbangwa in an Instagram live chat on Tuesday.

"We give respect to others. Why is it that we are facing this over and over? Now enough is enough. We just want equality. We don't want revenge, war.

"We just want respect. We share love and appreciate people for who they are. That's what is most important."

The 36-year-old, who has played 40 Tests, 164 ODIs and 71 T20Is for West Indies, said he wants the world to know that they are powerful and beautiful people and gave the example of greats such as Nelson Mandela, Muhammad Ali, Michael Jordan.

"I just want our brothers and sisters to know that we are powerful and beautiful. And at the end of the day, you look at some of the greats of the world, whether it is Nelson Mandela, Muhammad Ali, Michael Jordan we have had leaders who paved the way for us," he said.

Two-time T20 World Cup-winning captain Sammy had earlier alleged that a racist nickname was used to address him during his IPL stint with Sunrisers Hyderabad and demanded an apology.

Sammy said he was called 'Kalu' while he was in India. 'Kalu' is a derogatory word to describe black people.

Gayle, who too plays in the IPL, took to Twitter to back Sammy, saying that racism does exist in cricket.

"It's never too late to fight for the right cause or what you've experienced over the years! So much more to your story, @darensammy88. Like I said, it's in the game!!," Gayle tweeted.

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