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.
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.