After final goodbye to United Spirits, Vijay Mallya is moving to Britain

Bengaluru: Liquor baron Vijay Mallya said that he is moving to Britain to be closer to his children following his dramatic resignation as chairman of United Spirits Ltd and becoming its founder emeritus on Thursday.

Vijay Mallya. Reuters

Vijay Mallya. Reuters

"Having recently turned 60, I have decided to spend more time in England (Britain), closer to my children," Mallya said in a statement here after he entered into a $75 million deal with USL's majority stakeholder British liquor major Diageo plc.

Observing that time had come for him to move on and end all the publicised allegations and uncertainties over his relationship with Diageo and USL, the flamboyant tycoon said the agreement he had reached with both the firms would secure his family legacy.

"I have agreed a mutual release with both Diageo and United Spirits from claims concerning the alleged irregularities disclosed by USL in April 2015," Mallya said.

Diageo appointed global audit firm PricewaterhouseCoopers (PwC) India to do forensic investigation of USL accounts, following discrepancies, including financial irregularities, which included writing off Rs.7,200 crore from books.

Expressing satisfaction on steering the country's largest liquor firm to 120 million cases per annum from three million cases over three decades ago, Mallya, who is an independent MP in the Rajya Sabha, said his new position as founder emeritus recognised his contribution in building the company and evoked great emotions.

"I fondly remember, as a young boy, launching McDowell's, the largest brand in the industry. I also recall challenges and sacrifices in the tumultuous acquisition of Shaw Wallace and Royal Challenge brand," he said.

On the sporting front, Mallya would be the chief mentor of Royal Challengers Bangalore (RCB), which plays in the Indian Premier League T20 tournament.

"I have been passionate about this team since inception and am determined to do whatever I can to win the IPL trophy. I am glad that my son, Sidhartha, will remain as a director as he is equally passionate about RCB," he added.


Updated Date: Feb 26, 2016 01:12 AM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See