Vijay Mallya News
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Kingfisher Airlines Ltd., controlled by liquor tycoon Vijay Mallya, posted a wider fourth-quarter loss as the carrier has grounded its fleet since October because of a lack of cash.
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Diageo Plc fell short of gaining a majority holding in United Spirits Ltd. after an open bid for as much as 26 percent of the Indian distiller’s stock attracted submissions from investors owning a combined 0.4 percent stake.
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State Bank of India, the biggest lender to grounded Kingfisher Airlines Ltd., said it will seize collateral pledged by the company after the carrier’s Chairman Vijay Mallya filed a lawsuit to stop the creditors.
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Kingfisher Airlines Ltd., grounded since October following five years of losses, submitted a revival plan to Indian authorities for a second time after the previous proposal was rejected as inadequate.
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Kingfisher Airlines Ltd. pilots and engineers said they will strike until seven months of unpaid salaries are settled, increasing the pressure on Chairman Vijay Mallya who has personally guaranteed $1.1 billion of the cash- strapped carrier’s debts.
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Kingfisher Airlines Ltd., the Indian carrier that stopped flying in October because of a cash crunch, plans to restart services with funds from parent UB Group, according to an e-mail Chairman Vijay Mallya sent to employees.
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Diageo Plc tried for years to buy part of Vijay Mallya’s United Spirits Ltd. before striking a November agreement to take a 53 percent stake in the company.
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Kingfisher Airlines Ltd., the cash- strapped carrier that had its license suspended following a strike, said it plans to resume flights in the next few weeks after employees agreed to return to work.
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Even billionaires can’t figure out how to make money in Indian aviation.
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United Breweries Ltd., India’s largest brewer, expects sales of Heineken NV’s namesake brand to climb more than 50 percent in the country this fiscal year as it ramps up distribution of the pricier foreign beer.
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