Burning tyre at Formula 1 races in Kuala Lumpur, Shanghai and Bahrain, cheering filly Set Alight at the Mumbai Derby, galloping to South Africa to watch Royal Challengers battle at the Indian Premier League (IPL). April was busier than usual for Vijay Mallya. But VT-VJM, his corporate jet that boasts of a Picasso as part of its beige and cream interiors, made it a breeze for the flamboyant booze baron.
May has proved equally busy. As the IPL winds down, the corporate jet touched down in the south of France, the playground of the rich and famous. There, the Cannes film festival that brings together the glitterati and global media provided the perfect setting for Mallya’s big party.
Previously, he had held parties at Cannes on his 312-foot yacht Indian Empress or at plush seven star hotels. But there’s no need for that anymore. Just a 10-minute boat ride away, on the picturesque island of Sainte Marguerite, is a $60-million villa that he owns. The black-tie event was hosted there on May 16.
Between the Cup and the Lip
Time is Running Out
Mallya urgently wants to conclude at least two deals. First, he has set a target to raise $800 million for a 14.9 percent stake in USL. Diageo is likely to be the partner for this, though he has not stopped talking to Asahi or Bacardi. He is also banking on a 49 percent stake sale in Scotch whisky maker Whyte and Mackay with a distribution management deal. If this works out, he’s hoping to make USL debt-free in one fell swoop. Mallya is also said to be negotiating with private equity firms for offloading a large stake in USL and Whyte and Mackay.
(This story appears in the 05 June, 2009 issue of Forbes India. To visit our Archives, click here.)
mallya sir i am so inspired by you. i to want to be an entrepreneur like you.
on Oct 11, 2011Vijay Mallya's success goes to his school, La Martiners, Calcutta. Why people talk abot debts only. After all he is the king of good times. Keep it up Vijay.
on Mar 20, 2011Dear Mr. Vijay Mallya,<br /> <br /> Wish you a Very Very Happy New Year 2010.<br /> <br /> Dear Sir,<br /> Everybody knows that you are a âKing of Guts . Your Guts would help to organize an Olympics in India. I am not making fun, it is not a joke or not a dream. <br /> You do anything, because you have the âSword of âTIPU SULTANââ.<br /> <br /> Thanks
on Jan 5, 2010He has spent money and now it is time to pay back, i agree with mallik that the debts are quiet less when compared with reliance's anil company. but it does not make the matter small and the company will face huge problem going ahead.
on Aug 29, 2009You should take a look at Anil Ambani's businesses. In comparison, Vijay Mallya's debt problems pale in significance.
on Jul 14, 2009Big Difference between Anil Ambani and Vijay Mallaya. Anil Ambani's father Dhirubhai Ambani built his Empire, by investing Public Money and make them his Partner in his successful Empire. Vijay Mallaya is doing by borrowing money and never paying back! Vijay Mallya is a corrupt Businessman and a corrupt Politician. This combination is very serious termite eating away at India's treasure. In early 1990s he borrowed from crores of General Public in the name of “McDowell Krest†with full backing from UB Group. He siphoned off all the money. Later he changed the name to “Krest Finlease†and sold it off. Thus all the people who gave their hard earned money even pension amounts to him were left in a lurch losing it all to him. He has been building his EMPIRE with this looted money. He bought all officials from bottom to top. He even made a back door entry to Govt of India. Who will bell the cat?
on Nov 30, 2009vijay mallya has never been a successful businessman. he's been a successful show off, though. am not surprised at these losses. one should look into NPAs with various Banks like Canara Bank, Vijaya Bank etc in Vijay Mallya's name.
on Jun 26, 2009some smart airline executive once said about those who are not careful about airline business: If u want to become a millionaire u should start an airline business.One precondition, u should first be a billionaire .
on Jun 4, 2009Mallaya is my favourite.The debt problem he is facing is temporary.He will rise from all these because he is confidance oriented guy.
on May 27, 2009vijay mallya "king of good times as he is called" must concentrate on his core business ie., spirits business which is a cash cow rather than airlines.
on May 22, 2009Mr. Mallya is a fighter, and i am sure he would come out of this financial mess his company is into.
on Mar 23, 2010Its time Mr. Mallaya comes out of 'Alice in wonderland', before being another Ramalinga Raju. We don't want another 'Satyam' to happen.
on Mar 24, 2010How true! Guess what his father built, he's going to pull it down. There are so many people having money than the 14000 crore debt ridden Mallaya, one wonders what there is so much to flaunt with a debt of 14000 crores. It's another Ramalinga Raju in the making, no doubt.
on Mar 24, 2010