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
February 9,2020

New Delhi, Feb 9: The Indian Fed Cup team will travel to Dubai for this year's competition as the ITF has named the desert city as the new venue for the matches, to be held from March 3 to 7.

The ITF named the new venue after moving out the matches from then Chinese city of Dongguan due to Coronoavirus threat. The Asia/Oceania Group I matches were originally scheduled to be played from February 4-8.

"The event will be held in the week following the ATP Dubai tournament at the same venue, and will see six nations China P.R., Chinese Taipei, India, Indonesia, Korea Rep. and Uzbekistan - compete for a place in the Fed Cup Play-offs in April," an ITF release said.

The six teams will vie for two spots in Fed Cup Play-offs.

"Being in Dubai makes no difference. But the dates give enough time to Sania for her recovery. Doubles is an important point. Ankita is playing well. The other team members will also get some tournament to play under their belt," India's Fed Cup captain Vishal Uppal told news agency.

Sania's participation was under doubt due to a calf injury she aggravated during the Australian Open, where she pulled out of the mixed doubles before retiring mid-way into her women's doubles opening round match.

"I think we have a good chance but we will have to be at our best and fight hard for every point, every game, every set, every match," Uppal added.

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News Network
June 17,2020

New Delhi, Jun 17: Indian skipper Virat Kohli on Wednesday paid tributes to Indian Army soldiers, who were killed during the face-off with the Chinese troops in Ladakh's Galwan Valley.

Extending condolences to the kin of bravehearts, Kohli said, "No one is more selfless and brave than a soldier."

"Salute and deepest respect to the soldiers who sacrificed their lives to protect our country in the Galwan Valley. NO one is more selfless and brave than a soldier. Sincere condolences to the families. I hope they find peace through our prayers at this difficult time," he tweeted.

The violent face-off happened on late evening and night of June 15 in Ladakh's Galwan Valley as a result of an attempt by the Chinese troops to "unilaterally change" the status quo during de-escalation in Eastern Ladakh and the situation could have been avoided if the agreement at the higher level been scrupulously followed by the Chinese side, India said on Tuesday.

The Army confirmed that 20 soldiers were killed in the face-off, including 17 who were critically injured at the stand-off location and exposed to sub-zero temperatures in the high altitude terrain.

Indian and Chinese troops have disengaged at the Galwan area in Ladakh where they had earlier clashed on the night of June 15 and 16, Indian Army said.

Former cricketer Irfan Pathan tweeted, "We will always be indebted to our jawans of #IndianArmy who lost their lives in #GalwanValley #JaiHind."

Expressing similar sentiments, Indian batsman Shikhar Dhawan wrote, "A sacrifice that will never be forgotten by the nation. Heartfelt condolences to the family and loved ones of the Indian Army officer and the two soldiers. Saluting your bravery, Jai Hind! #GalwanValley."

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Agencies
February 5,2020

Hamilton, Feb 5: Ross Taylor and Tom Latham played knocks of 109 and 69, respectively, as New Zealand defeated India by four wickets in the first ODI of the three-match series here at the Seddon Park on Wednesday.

Chasing 348, New Zealand got off to a steady start as openers Martin Guptill and Henry Nicholls put on 85 runs for the first wicket, however, India finally got the breakthrough in the 16th over as Shardul Thakur dismissed Guptill (32).

Tom Blundell and Nicholls then put on 24 runs for the second wicket, but their vigil came to an end in the 20th over as Kuldeep Yadav had Blundell (9) stumped at the hands of wicket-keeper KL Rahul, reducing Kiwis to 109/2.

Nicholls then retrieved the innings for the hosts as he found support in Ross Taylor. The duo mixed caution with aggression to stitch together a partnership of 62 runs. But with their back against the wall, skipper Kohli lifted the side up as he ran out Nicholls (78) in the 29th over, reducing New Zealand to 171/3.

Skipper Tom Latham, came out to bat next, and he increased the tempo of the Kiwi innings. He took a special liking to Kuldeep and kept on sweeping him to pick easy boundaries on the legside.

Taylor and Latham put on a stand of 138 runs to take Kiwis closer to victory. But with 39 runs away from the target, Kuldeep dismissed Latham (69) to revive India's hopes of making a comeback.

Mohammed Shami removed Jimmy Neesham (9) in the 46th over while Colin de Grandhomme (1) was sent packing via a run-out to send cat among the pigeons in the Kiwi camp. In the end, Mitchell Santner and Taylor took the hosts over the line by four wickets and with 11 balls to spare.

Earlier, Shreyas Iyer and KL Rahul's knocks of 103 and 88, respectively, helped India post 347/4 in the allotted twenty overs.

After being put in to bat, India got off to a quickfire start as openers Prithvi Shaw and Mayank Agarwal put on 50 runs. Colin de Grandhomme finally provided the breakthrough to the Kiwis as he sent Shaw (20) back to the pavilion in the eighth over.

Agarwal (32) was also dismissed soon after by Tim Southee and the Men in Blue were reduced to 54/2 in the ninth over.

Skipper Virat Kohli and Shreyas Iyer then retrieved the innings for the visitors as the duo put on 102 runs for the third wicket. Kohli brought up his 58th half-century in the 28th over.

Ish Sodhi got the crucial breakthrough of Kohli (51) in the 29th over as he clean bowled him to reduce India to 156/3. However, Iyer continued to march on and brought up his maiden ODI century in the 43rd over.

KL Rahul, who came in to bat at number five provided the much-needed impetus to the innings. He along with Iyer put on a stand of 136 runs for the fourth wicket.

Iyer (103) was finally sent back to the pavilion by Southee in the 46th over, reducing India to 292/4.

In the final overs, Rahul and Kedar Jadhav hammered the Kiwi players to take India's score past the 340-run mark. Jadhav remained unbeaten on 26.

Brief Scores: New Zealand 348/6 (Ross Taylor 109*, Henry Nicholls 78, Kuldeep Yadav 2-84) defeat India 347/4 (Shreyas Iyer 103, KL Rahul 88*, Tim Southee 2-85) by four wickets.

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