Diageo Plc offered to pay 114 billion rupees ($1.9 billion) to gain control of United Spirits Ltd. in a second attempt to extend its reach in the world’s largest whiskey market. United surged to a record.
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.
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.
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.
Last month, the business empire of Eike Batista, once the world’s seventh-richest man and a mascot of economically resurgent Brazil, collapsed. The disaster ought to focus our minds on the perils of credit-fueled economic growth and highly leveraged corporations not just in Brazil but also in other BRICS countries.
Kingfisher Airlines Ltd.’s largest lender said the cash-strapped Indian carrier should raise at least $1 billion of fresh capital, stepping up pressure on Chairman Vijay Mallya to deliver on promises of new investment.