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.



Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 14,2020

Sydney, Mar 14: New Zealand pacer Lockie Ferguson has been placed under 24-hour isolation amid the fears of coronavirus after he reported a sore throat following the first ODI of the ongoing three-match series against Australia in Sydney Cricket Ground (SCG) which the hosts won by 71 runs.

"In accordance with recommended health protocols, Lockie Ferguson has been placed in isolation at the team hotel for the next 24 hours after reporting a sore throat at the end of the first ODI," said New Zealand Cricket in a statement.

"Once the test results are received and diagnosed, his return to the team can be determined," it added.

The first ODI of the Chappell-Hadlee series was played in front of empty stands as the spectators were not allowed to be at SCG as a precautionary measure to contain the spread of coronavirus pandemic.

Earlier, Australian fast bowler, Kane Richardson was also tested for the coronavirus, after suffering from a sore throat on Thursday. That saw him left out of the squad for Friday's game but the test was negative.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 30,2020

New Delhi, May 30: Former world chess champion Viswanathan Anand will be finally reaching India late on Saturday after being stuck in Germany for over three months due to the travel restrictions imposed in the wake of the COVID-19 pandemic.

"Yes.. Anand will be returning today," the chess maestro's wife Aruna told PTI on Saturday morning. Anand, who boarded an Air India flight (AI-120) from Frankfurt on Friday night will reach Bengaluru via Delhi.

He is expected to reach Bengaluru at 1.15 pm. The five-time world champion will undergo 14 days quarantine as per rules laid down by the Karnataka government.

"He will complete quarantine procedures and come to Chennai as per protocol," Aruna Anand said. The flights from Germany are only scheduled to land only in Delhi and Bengaluru.

The chess ace was in Germany to play in the Bundesliga chess league and was to return to India, but was forced to stay put after the COVID-19 outbreak disrupted sporting schedules across the globe, apart from restricting movement.

He was staying near Frankfurt and was doing online commentary for the Candidates tournament which was called off mid-way due to the pandemic and led the Indian team in the Online Nations Cup early this month.

Anand had been in touch with his family in Chennai on a regular basis via video calls and kept himself busy with chess-related work.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 25,2020

Bengaluru, Feb 25: India opening batsman KL Rahul will be available for Karnataka's Ranji Trophy semi-final clash against Bengal at the Eden Gardens in Kolkata on February 29.

Rahul had asked to be rested from Karnataka's quarter-final match but is now available for the climactic stages of the Ranji Trophy. 

Karnataka had already been strengthened by the addition of Manish Pandey for the quarter-finals, with both Pandey and Rahul having returned from New Zealand after India completed the limited-overs leg of their tour, ESPNcricinfo reported.

Last year's finalists Saurashtra will take on Gujarat in the other semi-final at Rajkot. The other prominent players who will be part of the last four include Parthiv Patel (Gujarat), Jaydev Unadkat (Saurashtra) and Manoj Tiwary (Bengal).

Gujarat, Bengal, Karnataka, and Saurashtra had finished on top of the combined Groups A and B table, and all four progressed to the semi-finals after dominating their respective quarter-final matches.

Rahul has been phenomenal with the bat in the limited-overs series against Australia and New Zealand. He scored one century and four fifty-plus scores in his last ten innings in ODIs and T20Is combined

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.