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
May 24,2020

Melbourne, May 24: Former Australia captain Mark Taylor does not foresee the T20 World Cup scheduled in October-November going ahead and wants the ICC to take a decision during its Board meeting this week.

Taylor also feels that if IPL takes place during the window the T20 World Cup was to be held, the Australian players are likely to be cleared by their Board to take part in the cash-rich league in India.

The ICC Board meets on May 28 to discuss a host of issues related to COVID-19 pandemic, including a revamped schedule and the fate of the men's T20 World Cup in Australia.

For latest updates and live news on coronavirus, click here

"My feeling is the World T20 won't go ahead in Australia in October as planned. Is it going to be viable to have a world tournament in October or November? The answer to that is probably no," Taylor, also a former Cricket Australia (CA) director, was quoted as saying by 'Nine Network'.

"It would probably be good (if a decision is made this week). Because then everyone can start planning and we can stop sitting here and saying 'well ifs, buts or maybes'."

CA chief executive Kevin Roberts has said that a call on the fate of the T20 World Cup, scheduled to be held from October 18 to November 15, may potentially not come until August.

Read: Coronavirus India update: State-wise total number of confirmed cases, deaths

But players and administrators around the world are keen for some certainty and many have predicted that the 16-team event will soon be postponed.

There are reports that the BCCI is eyeing the October window for the IPL though officially it maintained, that it will not consider new dates of the cash-rich league until the T20 World Cup's fate is decided.

Taylor said the CA wants to keep BCCI happy so the Australia players are likely to be cleared for the IPL if it happens in October.

Pat Cummins, who was bought for a record amount of Rs 15.50 crore in last year's IPL auction, is among the Australians keen to take part in this year's competition.

"The Cricket Australia board will want to keep India happy. So they may want to let the players go to India if the IPL goes ahead," Taylor said.

"Because they want India to come here this summer and play, which will be our biggest summer in terms of dollars. That's the sort of discussion going on. No doubt."

Virat Kohli's team is scheduled to arrive in Australia for a Test tour starting November, which will go along way in addressing CA's financial woes triggered by teh COVID-19 pandemic.

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News Network
January 31,2020

New Delhi, Jan 31: Indian women's team captain Rani Rampal on Thursday became the first-ever hockey player to win the prestigious 'World Games Athlete of the Year' award.

The World Games announced the winner on Thursday after 20 days of polling by sports fans world-wide.

"Indian hockey superstar Rani is The World Games Athlete of the Year 2019! Huge congratulations!," the World Games said in a statement.

"With an impressive number of votes, 199,477, Rani is the clear winner of the Athlete of the Year race, where sports fans all over the world have voted for their favourite during 20 days of polling in January. All in all, over 705,610 votes were cast during the poll," it added.

Last year, India won the FIH Series Finals, and Rani was named Player of the Tournament. Under Rani's leadership, the Indian women's team qualified for just the third Olympic Games in its history.

"I dedicate this award to the entire hockey fraternity, my team and my country. This success has only become possible with the love and support from hockey lovers, fans, my team, coaches, Hockey India, my government, friends from Bollywood, fellow sportspersons and my countrymen who have continuously voted for me," said Rani, who was recently named among the Padma Shri awardees.

"Special thanks to FIH for nominating me for this prestigious award. Thank you to The World Games Federation for this recognition," she added.

Rani further said after a successful 2019, she is now looking forward to achieving greater heights with the national team in 2020, which also happens to be an Olympic year.

"It is my privilege and honour to win this award. It is always nice when your country recognises your effort. It is even better when the international sports community recognises it. Thank you so much to everyone who voted for me," she said.

"2019 was a great year for our team because we qualified for the 2020 Tokyo Olympic Games. As a team we want to make 2020 a great year!"

Rani, who has been a member of the national team since she was a 15-years-old, currently has more than 240 caps for India.

"Rani is an inspirational athlete, and a role model for many in India. It was amazing to see the support the Indians, even as high up as Mr Rijiju, the Minister of State, Youth Affairs and Sports, gave to her in this vote together with the Hockey fans all around the world. This is what sport is about: uniting people from different backgrounds and different countries," said International World Games Association President Jose Perurena.

The International Hockey Federation also congratulated Rani on being named for the award.

"Congratulations @imranirampal for becoming the first ever Hockey athlete to win the prestigious @TheWorldGames Athlete of the Year award!" the FIH, who nominated Rani for the award, said in its twitter handle.

"On behalf of FIH and the global hockey community, I would like to extend our warmest congratulations to Rani for having been voted The World Games Athlete of the Year 2019. This is an acknowledgement of her outstanding performances - together with her team-mates - and her dedication to hockey and her leadership," FIH CEO Thierry Weil said.

"This prestigious Award is also a great recognition for hockey globally. Furthermore, we are working hard for and looking forward to having Hockey 5s as a demonstration sport at The World Games 2021."

Congratulating Rani, Hockey India President Mohd Mushtaque Ahmad said, "This is a very proud moment for all of us. She is the first Indian athlete to win this award and through her achievements Rani has been able to draw a lot of attention towards women's hockey. Many people are aware of the team's recent accomplishments and I am confident this team is capable of winning larger goals and I wish Rani and the team best of luck this Olympic Year."

There were initially 25 nominees, male and female nominated by their respective sports federations, which was later reduced to 10 in the final round of public voting.

The FIH has recommended Rani's name for her outstanding performances and her ability to lead by example.

Karate star Stanislav Horuna of Ukraine was second behind Rani with over 92,000 votes and Canadian powerlifting world champion Rhaea Stinn was third.

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Agencies
January 25,2020

Headingley, Jan 25: England have become the first team in the world to score 500,000 runs in Test cricket. They achieved the feat during the ongoing fourth and final Test against South Africa being played at The Wanderers.

On Friday - the opening day of the Test match -- England captain Joe Root's single through the covers took the Three Lions to a landmark 500,000 run-mark in the longest format of the game. They achieved the feat in their 1022nd Test match.

Australia comes second in the list, with 432,706 runs in 830 Tests. India, meanwhile, are third, with 273,518 runs in 540 Tests, followed by West Indies (270,441 runs in 545 Tests).

In the third Test played at St George's Park in Port Elizabeth, England had become the first team to play 500 Test matches on foreign soil. Australia are the second team to play the most away Test with 404 matches they have played so far.

India have played 268 Tests on foreign soil in which they have won 51, lost 113 and 104 have ended in a draw.

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