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
June 15,2020

Melbourne, Jun 15: Star Indian all-rounder Ravindra Jadeja is the best fielder in the game right now, according to Australian batting star Steve Smith, who also rated KL Rahul as the most impressive among the younger crop.

Smith, who answered questions sent in by his fans on Instagram on Sunday, also said the Indian Premier League is his favourite tournament to play in.

Jadeja known for his quick and sharp fielding tactics has earned praise from several former players and respect from the current stars and Smith is no different.

Asked who the best fielder in the current lot of players Smith simply replied stating it was Jadeja.

When quizzed about which Indian player has impressed him the most, the Australian batting mainstay said: "KL Rahul. Very good player!"

Rahul, who has played 36 Tests, 32 ODIs and 42 T20Is for Indian, has become a regular member of the national team in white-ball cricket. Besides showcasing his skills with the willow, Rahul also bears the responsibility of being the wicketkeeper in the limited overs format.

Asked Mahnedra Singh Dhoni, Smith responded saying the former Indian skipper is a "Legend! Mr Cool". While he called the current captain Virat Kohli a "freak" when it comes to batting ability.

The Rajasthan Royals batsman, who rated his first innings his 144 at Birmingham in the first Ashes Test last year as his favourite Test knock till date, said the Indian Premier League (IPL) is his favourite tournament.

"Tough to beat the IPL. Playing with and against the best players from around the world."

India is scheduled to travel to Australian for a full series later the year and the 31-year-old said : "Can''t wait. Going to be awesome."

Asked about his opinion on India batting great Rahul Dravid, Smith said "what a lovely gentleman and seriously good player."

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Agencies
August 5,2020

New Delhi, Aug 5: As Prime Minister Narendra Modi laid the foundation stone for the Ram Temple in Ayodhya, Bollywood celebrities have taken it to their social media platforms to express their excitement and shared their thoughts.

Taking to Twitter handle, senior Bollywood actor Anupam Kher extended his best wishes to his legion of followers for the Ram Janmabhoomi Pujan.

While 'Masti' actor Riteish Deshmukh, on the micro-blogging site tweeted multiple hashtag 'Jai Shree Ram' to mark the historic day.

'Queen' actor, Kangana Ranaut's official Twitter handle team wrote: "What could not happen in 500 years happened this year.... this is not picture of the day but the moment of many centuries #JaiShreeRam #RamMandirAyodhya"

Actor Kirron Kher, legendary singer Lata Mangeshkar, filmmaker Ashok Pandit and others also marked the day and expressed their excitement.

Earlier, evergreen star Hema Malini, through an audio recording congratulated the devotees of Lord Ram on the occasion.

The Mathura MP expressed her excitement on the foundation stone-laying ceremony of the much-awaited Ram Temple.

Prime Minister Narendra Modi performed the special Bhoomi Poojan at Ayodhya ahead of the foundation stone laying ceremony.

He also released a commemorative postage stamp on 'Shree Ram Janmabhoomi Mandir'. Earlier, Prime Minister Modi had offered prayers at the Hanuman Garhi Temple in Ayodhya.

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Agencies
May 22,2020

India's cricket board will not push for the Twenty20 World Cup in Australia to be postponed but would consider staging the Indian Premier League (IPL) in the October/November slot if it becomes available, a senior BCCI official has told Reuters.

This year's IPL, which is worth almost $530 million to the BCCI, has been indefinitely postponed because of the COVID-19 pandemic while the World Cup, which is scheduled to begin on Oct. 18, is also in jeopardy.

Reports in Australian media have suggested India's influential board may look to push for the World Cup to be postponed to open up a window for the IPL.

World Cup contingency plans are on the agenda at next week's International Cricket Council (ICC) board meeting but BCCI treasurer Arun Singh Dhumal said India would not be recommending it be pushed back.

"Why should the BCCI suggest postponing the Twenty20 World Cup?" Dhumal told Reuters by telephone.

"We'll discuss it in the meeting and whatever is appropriate, (the ICC) will take a call.

"If the Australia government announces that the tournament will happen and Cricket Australia is confident they can handle it, it will be their call. BCCI would not suggest anything."

While Australia has seen new infections of the novel coronavirus slow to a trickle and is gradually easing travel curbs and social distancing restrictions, hosting a 16-team World Cup would be a Herculean task for Cricket Australia.

Dhumal questioned whether the tournament should go ahead if it had to be played without spectators and said the Australian government would play a key role in any decision.

"It all depends on what the Australian government says on this - whether they'd allow so may teams to come and play the tournament," he added.

"Will it make sense to play games without spectators? Will it make sense for CA to stage such a tournament like that? It's their call."

Cricket Australia chief executive Kevin Roberts was guarded about the prospects of staging the tournament as scheduled on Friday.

"We don't have clarity on that one, yet. But as the situation continues to improve, you never know what might be possible," he said.

"It's ultimately a decision for the ICC."

The ICC has said it was unlikely to make a final call on the fate of the World Cup until August but some boards are in the process of making contingency plans in the event of a postponement.

While the BCCI recognised an open October-November window would suit the IPL, Dhumal said there was no point in making plans until there was some certainty about the World Cup.

"If we have the window available, and depending on what all can be organised, we'll decide accordingly," he added. "We can't presume that it's not happening and go on planning."

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