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Vijay Mallya no more the ‘King of Good Times’, to exit United Spirits

BI India BureauNov 9, 2015, 14:47 IST

Vijay Mallya is reportedly in advanced talks with Diageo to exit United Spirits completely. Mr. Mallya is set to sell his entire stake (around 5%) in USL to Diageo at the current market value. Post that, he will step down from the board of his company.

This might end Mr. Mallya’s scuffle with Diageo on grounds of alleged fund diversion. He has also promised to settle his dues in Kingfisher Airlines by the end of this fiscal. This deal would give him enough cash to settle a large chunk of the Rs. 6200 Crore debt.

When contacted Vijay Mallya's spokesperson said, "We have no immediate plans to sell our stake in USL as we believe it is an excellent portfolio to retain." Diageo's official statement is, "Do not comment on market speculations."

Image credit: Indiatimes