New Delhi: Industrialist Vijay Mallya and his UB group's holding company have failed to get commissions worth about Rs 225 crore for providing guarantees to the lenders of Kingfisher Airlines, as its lenders asked the carrier not to make any such payments.
These commissions pertain to the aggregate payments for a period from January 1, 2011 to March 31, 2013 and include an amount of little over Rs 100 crore for the last fiscal 2012-13, the grounded airline has said.
New Delhi: Liquor baron Vijay Mallya today said United Spirits and Diageo have received all regulatory approvals for their Rs 11,166.5 crore deal under which the Indian spirits maker will sell 53.4 percent to the UK-based firm.
CCI (Competition Commission of India) approval has been received. All regulatory approvals have been received. So that's why it (the deal) is on track, Mallya told reporters here after meeting Finance Minister P Chidambaram here.
Indian business tycoon and owner of Kingfisher Airlines Vijay Mallya exits Parliament in New Delhi, India, Wednesday, Feb. 27, 2013. According to local reports the Indian government has cancelled International flying rights and domestic slots of Kingfisher airlines.
New Delhi: Vijay Mallya-owned Kingfisher Airlines today approached the Supreme Court challenging the Karnataka High Court's order directing it to deposit around 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
A bench headed by Chief Justice Altamas Kabir agreed to hear the case on Monday as senior advocate Mukul Rohatgi mentioned the matter before it.
The airline has challenged the 5 December order of the high court directing it to deposit 50 per cent of the Rs 371 crore to IT department. It had also asked the company to furnish bank guarantee for the remaining amount within six weeks.
Mumbai: Kingfisher promoter Vijay Mallya is ready to infuse funds, estimated to be in the region of Rs 425 crore, into the airline to restart operation in phased manner as and when DGCA gives the go-ahead.
They have a plan for limited restart. They may start with certain number of flights, of say five aircraft, and go up within three to four months. They need Rs 425 crore for resuming the operations, which they will manage on their own, SBI Deputy Managing Director for mid-corporates Shyamal Acharya told reporters after the 2-hour meeting between 17-member consortium of lenders and the grounded airline here today.
Meanwhile, Kingfisher in a statement said, We will restart operations in a phased manner and will provide funding ourselves. We have not asked the bank for any support.
Vijay Mallya seems to be knocking on all sorts of doors to recapitalise his dying airline.
Now that most funds have refused to buy any stake in Kingfisher Airlines, Mallya is seeking help from the private equity biggies to buy into the rent-yielding real estate business of UB Holdings.
A report in the Economic Times says PE major Blackstone has offered to buy out the prime office and retail realty blocks in UB city, the biggest commercial property project of around 3.7 lakh square feet in the heart of Bangalore for Rs 550 crore. The offer, however, will not include UB corporate offices and the branded ultra-high end Kingfisher residences.
UB Tower, which is 123 metres high and one of the tallest buildings in city, houses all the UB Group companies corporate offices, which include United Breweries, United Sprits, Mangalore Chemicals and Fertilizers, and UB holdings.
Clearly after letting go of his crown jewel United Spirits to Diageo for $2.1 billion, the only other money-making business that could possibly provide some funds to Kingfisher is his realty assets.
The deal could see Mallya offloading 3.60 lakh sq ft of tenanted office space and 60,000 sq ft of luxury retail that's part of UB City, a Times of India report said.
PE investors like Blackstone have been on the prowl to buy out rent-yielding office space assets, which are a safer bet when compared to typical PE investments in broader realty markets.
