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
April 5,2020

New Delhi, April 5: England batsman James Vince lashed out at people for not taking proper measures to contain the spread of the coronavirus pandemic and said people are going out as if "everything is normal".

"Just seen the pictures of people out and about today as if everything is normal. What selfish people, surely by now they've realised this is serious. Well done to everyone who's doing their bit and staying in," Vince tweeted.

On March 13, the World Health Organisation (WHO) said that Europe was now the 'epicentre' of the disease.

The death toll due to the novel coronavirus in the UK has exceeded 4,313 with at least 708 new deaths in the last 24 hours, the largest one-day rise since the start of the outbreak as confirmed by the Department of Health and Social Care.

The total number of cases in the UK as on Saturday is 41,903, a rise of 3,735 cases in the last 24 hours.

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News Network
April 28,2020

Chennai, Apr 28: Former Karnataka batsman J Arun Kumar was on Tuesday appointed coach of the USA cricket team and listed earning a Test status, by his own admission a "far-fetched" thought at the moment, among his long-term goals.

Jak, as he is known in the cricketing circles, has worked with the Karnataka team for several years and as batting coach with IPL franchise Kings XI Punjab.

"... Following an exhaustive recruitment process, former first class Ranji Trophy and IPL player and coach, J Arun Kumar, had been identified as the preferred candidate for the next men's head coach," USA Cricket chief executive Iain Higgins said on its website.

The CEO added, "He travelled to the USA to meet support staff, selectors and players at a talent camp in Houston and to continue those discussions with us.

"I'm delighted to say that we have subsequently reached agreement with Jak that he will take up the role and be permanently based in the United States as and when his working visa has been obtained."

Arun Kumar was also in charge of a fledgling Puducherry team before quitting in February owing to differences with the association officials.

The COVID-19 pandemic has however prevented a prompt departure for the United States.

"Of course, the COVID-19 crisis has now presented some challenges around the scope of the role in the short/medium term, but we look forward to completing all of the arrangements and to welcoming him more formally in due course," Higgins said.

Arun kumar, who scored over 7,200 runs in first-class cricket and over 3,000 runs in List 'A' games, had guided Karnataka to a treble for two successive seasons -- Ranji Trophy, Vijay Hazare Trophy and Irani Cup -- in 2013-14 and 2014-15.

Delighted to get the role, the 45-year old said he has a vision for USA cricket, including making it a Test-playing nation.

"The first thing is based on my visa and when the coronavirus situation will end in the US, so it's all based on that. At what time my visa will be approved, that's when I will be heading there.

"There are long, mid and short-term goals and my vision obviously will be that the USA in the coming years will be one of the Test playing nations.

"It's a far-fledged goal, but yes, that's the vision and as of now the short term will be World Cup league.

"We will have to be the top side in that and then go to the next level," Arun Kumar told PTI in an interaction.

He further said the immediate aim is to get the team together after a bad run in Nepal.

"Priority is to get the team together, we had a bad run in Nepal, so obviously the team is on little down slide, so we will get up and the immediate short-term goal is to get in touch with players.

"This lockdown gives us time to actually know each other, although we are spread out in different parts of the country, and it is gives us time to connect better and work on certain mental and tactical aspects of the game," he added.

Arun Kumar had been in the US briefly some time ago and had met some officials, selectors and players at a camp in Houston.

"I met some officials, selectors and players at a talent camp in Houston and got an insight of what I can expect in the future and based on those we have designed a pathway for junior to senior cricket and women's cricket.

"It is a work in progress," he said.

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News Network
March 23,2020

Colombo, Mar 23: Sri Lankan batting great Kumar Sangakkara has said he is currently in self-quarantine, following his government's guidelines for those recently returning from Europe, which has now become the epicentre of the COVID-19 pandemic.

The authorities are concerned over people returning from the most-affected COVID-19 countries in Europe not registering with the police and practising isolation.

"I have no symptoms or anything like that, but I'm following government guidelines," Sangakkara told News First.

"I arrived from London over a week ago and the first thing was there was a news bulletin saying that anyone who had travelled from within March 1 to 15 should register themselves with the police and undergo self-quarantine. I registered myself with the police."

The former captain said this even as the government confirmed there have been at least three cases of recent returnees attempting to hide the novel coronavirus symptoms from authorities.

Both Sangakkara and his former teammate Mahela Jayawardene have been active on social media, urging Sri Lankans to avoid panic and to exercise proper social distancing, as the country went into curfew on Friday evening.

Sri Lanka has so far reported more than 80 active COVID-19 positive cases in the country.

Across the world, the number of infected has crossed three lakh besides a death toll of more than 14,000 people.

Meanwhile, former Australia pacer Jason Gillespie has also gone into a two-week isolation after returning from the United Kingdom.

Gillespie, who is the head coach at Sussex, had been in Cape Town with the team for a pre-season tour, which was cut short as a result of the coronavirus outbreak.

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