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SBI, others have the last laugh in Kingfisher-Vijay Mallya saga

Five years after liquor king Vijay Mallya flew to United Kingdom and approximately seven years after Rs 9,000 crore of loans given to his grounded Kingfisher Airlines was tagged NPA (non-performing asset), banks have finally managed to make some meaningful recovery from the elusive baron. That's a major victory for the SBI-led bank consortium against a powerful corporate promoter.

On 23 June, as reported banks recovered Rs 5,800 crore by selling Vijay Mallya's shares in United Breweries to Heineken international. Banks sold 15 percent stake in the company to Heineken. Earlier, banks had sold Rs 1,357 crore worth of shares and are planning to sell Rs 800 crore worth of shares by June 25, according to reports. So far, banks have recovered Rs 7,1 82 crore from Vijay Mallya through the share sales, which is a little over 70 percent of the amount what the liquor King owes to the lenders.

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