Wednesday, December 07, 2011

Mallya's 'associate' white knight for Kingfisher

Bangalore: Vijay Mallya recently said he would tide over the crisis in Kingfisher Airlines with the help of some associates for whom he created wealth in the past.
Though the UB Group chairman didn’t name anybody, some of these associates could be the owners of Balaji Distilleries, whose breweries and distilleries were acquired by UB Group companies — United Spirits and United Breweries — during the last financial year. These associates during the past few months have invested a little over Rs 700 crore as part of the promoters’ equity infusion into Kingfisher Airlines and there are indications they may support the airline further.
But, who are the owners of Balaji Distilleries and why are they backing Mallya? They have been associated with the UB Group for the past five decades and have been associates of the two pillars of UB Group, for their brewery and spirits businesses.
The promoter of Balaji Distilleries is M Sreenivasulu Reddy, a businessman based in Chennai, who has businesses spanning a few other sectors besides distilleries and entertainment. Reddy was also earlier involved in shipping.
07/12/11 Raghuvir Badrinath/Business Standard
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