'King of Good Times' to fugitive: How Vijay Mallya's business empire collapsed under the debt of Rs 9000 crore; Read full story
Vijay Mallya- File image
Vijay Mallya story: Fugitive Vijay Mallya has recently been in news after he gave a podcast to a YouTube channel named 'Raj Shamami'. We all know the story of how Vijay Mallya, once known as the 'King of Good Times' left India after he was surrounded by a massive loan. However, do we know the real story behind how the massive empire of the business tycoon collapsed under a debt of Rs 9000 crore. If you think you need to know the full story, here is the story which you need to read about how Vijay Mallya's business empire collapsed. Story of Vijay Mallya's massive loan
The story of fugitive Vijay Mallya started after he took over the UB Group (United Breweries Group) which was founded by his father Vittal Mallya in 1983. Vijay Mallya focused on expanding the business and re-branded the group's flagship brand Kingfisher Beer, later making it one of the top selling beer brands in India.
With time, Mallya's dominance in the liquor world grew and he began to be called the the 'King of Good Times'. How Vijay Mallya launched Kingfisher Airlines
As things turned out, Vijay Mallya launched Kingfisher Airlines in 2005 which focused on luxury and glamour, but behind the glamour of the airlines, the airline was struggling financially. In the year, Vijay Mallya acquired Deccan Aviation in the year 2007 for international access but the decision only worsened the situation. Due to the blend of low-cost operations, the premium services proved unsustainable. How Vijay Mallya left India!
With the rise in losses, Vijay Mallya had to take massive loans, but the airline never turned profitable, ultimately losing its license in 2012. Due to the rising pressure of loans, Mallya fled to London owing more than Rs 9,000 crore to 13 banks. Vijay Mallya in recent Podcast blames governments
'I told the finance minister, Arun Jaitley, before leaving for the airport and then I flew from Delhi to London, I was on my way to Geneva for an FIA world council meeting which was fixed months ago. I told the finance minister because I went from Parliament to the Delhi Airport. When this news hit the media it once again created a storm', Vijay Mallya was seen saying in the Raj Shamami podcast.
'Mr Jaitley had to retract his statement and said, 'yes, yes I met him but only while walking, it was a fleeting meeting'. I never said I went to Mr. Jaitley's office, sat in front of him, had tea with him… All I said was that I told the finance minister while leaving, I am going to London, I have to go to Geneva for a meeting, I will be back, please tell the banks to sit across the table and settle with me', he added.
(With inputs from agencies)
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