13 of Vijay Mallya's properties to be auctioned, including his palatial Mumbai house

United Spirits Ltd is now looking forward to auction its former owner and fugitive tycoon Vijay Mallya's properties. It includes his palatial Mumbai residence Niladri on Napean Sea Road, after the latter's option to buy them at a discounted price expired.

The properties that are up for the auction are across Delhi, Mumbai, Bangalore, Kolkata, Scotland and Hong Kong are worth about $100 million, or Rs 680 crore, with Niladri alone worth half the value.

Mallya was given a one year option to buy the properties at 10% discount to competitive market value, which lapsed on February 21.

India's largest distiller USL is now in the process of informing Mallya, who is living in London since March last year, about its plans to proceed with an auction, sources familiar with the matter said. India has sought extradition of Mallya, who is wanted in several cases relating to loan defaults totalling over Rs 6,000 crore, following the collapse of Kingfisher Airlines Ltd.