Indianbillionairebusinessman, Vijay Mallya might be planning to cell part of his stake in United Breweries, the flagship business unit of the UB group, to Dutch brewery giant Heineken in order to raise money to help the troubled Kingfisher Airlines.
According to a media report citing people closer to the matter, Mallya might sell 13 per cent of United Breweries, which is worth about $370 million, to Heineken. The stake could pass the ownership of United Breweries to Heineken as it already owns 37.38 per cent in the country's largest beverages group.
Mallya has a 19 per cent in United Breweries and might be planning to sell some of the stake to infuse capital in the troubled Kingfisher Airlines. According to estimates, Kingfisher has a total debt of about Rs 7,000 crore and accumulated losses of about Rs 6,000 crores.
The country's civil aviation ministry has said that it will determine its actions on whether to allow the airline to continue on the basis of a performance report released by DGCA. The DGCA is likely to call Vijay Mallya to know what are his plans for the troubled airline. The airline will be allowed to operate as long as it is able to keep its passengers safe and followschedule.
Both UB Group and Heineken did not comment on the matter.
Source:topnews.in
No comments:
Post a Comment