TNI Bureau: Is Vijay Mallya going bankrupt because of the turbelence in Kingfisher Airlines? May be too early to predict, but Mallya-owned United Spirits has sold 53.4% stakes to UK-based Diageo Plc. The deal has been finalised at Rs 11,166.5 crore.
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It is believed that Mallya is trying to revive Kingfisher Airlines by selling out the stake at United Spirits. For Diageo, it’s a huge deal. The company will now have India as the second largest market – the largest being the US.
According to industry sources, the deal took six years to materialise, but at came at a time when Mallya was struggling to make the Kingfisher Airlines fly again.