'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 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)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
26 minutes ago
- Deccan Herald
If Pakistan commits any sin again, missiles made in UP will destroy terrorists: PM Narendra Modi in Varanasi
The prime minister is in Varanasi -- his Lok Sabha constituency for the third term running -- to inaugurate and lay foundation for development projects worth over Rs 2,000 crore and to distribute the 20th installment of the PM KISAN Samman Nidhi worth Rs 20,500 crore.
Hans India
26 minutes ago
- Hans India
Starlink Gets Green Light in India: Elon Musk's Satellite Internet Set to Launch Soon
Elon Musk's ambitious satellite internet venture, Starlink, is officially making its way to India, with the country's telecom ministry recently granting the company a key operating licence. The move is expected to transform internet access in India's far-flung and underserved areas, especially in rural regions where traditional connectivity options remain limited. The approval comes after years of anticipation and regulatory back-and-forth. Initially proposed in 2021, the project had faced delays over spectrum distribution and compliance requirements. Now, with the Unified Licence granted by the Department of Telecommunications, Starlink is poised to begin services, pending final spectrum allocation. "Frameworks for spectrum allocation and gateway establishment are ready, ensuring smooth rollout,' Union Telecom Minister Jyotiraditya Scindia confirmed, as reported by PTI. Starlink's entry does not intend to directly compete with existing telecom players like Jio, Airtel, and BSNL in urban markets. Instead, the service will serve as a complementary solution, particularly in areas where terrestrial networks fall short. Minister of State for Telecom, Pemmasani Chandra Sekhar, also confirmed the approval and highlighted the potential of low-Earth orbit (LEO) satellites to bolster India's digital infrastructure. To make the rollout practical, Starlink has reportedly partnered with Indian telecom giants such as Airtel and Jio for infrastructure sharing. This collaboration is expected to assist in distributing Starlink's hardware kits across the country. These kits, which include a satellite dish, Wi-Fi router, and mounting gear, are priced at approximately Rs 33,000. Once installed, users can expect to pay around Rs 3,000 per month for unlimited data. However, in a bid to attract early adopters, promotional plans may start at Rs 850 per month. The expected internet speeds will range between 25 Mbps and 220 Mbps, with an initial cap of two million users across India. Starlink's rollout adds momentum to an increasingly competitive space for satellite broadband in India. Other players such as Eutelsat OneWeb, backed by Bharti, and Jio's joint venture with SES of Luxembourg have also received approvals but await spectrum assignments before starting commercial operations. India's need for robust internet solutions is well-documented. As per the IAMAI-Kantar ICUBE Report 2023, more than 65% of the rural population still lacks reliable internet access. Satellite broadband is widely regarded as a game-changer in bridging this digital divide, especially in remote terrains and mountainous regions. Looking ahead, Starlink is also preparing to launch its next-generation satellites by 2026. These are expected to deliver over 1,000 Gbps capacity per satellite, significantly enhancing performance and potentially pushing internet speeds to ten times the current rates. This evolution could further strengthen the value proposition of Starlink in areas that remain beyond the reach of fiber and mobile broadband. With regulatory approvals now largely in place, all eyes are on spectrum allocation, the final piece of the puzzle. Once that's resolved, Starlink could begin reshaping India's internet landscape—just as Tesla redefined the electric vehicle industry.
Indian Express
26 minutes ago
- Indian Express
Flipkart Freedom Sale 2025: Top smartphone deals on iPhone 16, Samsung S24, Nothing 3a and more
The Flipkart Freedom Sale 2025 kicked off on August 1 and will run until August 8, offering Independence Day-themed discounts across smartphones, electronics, fashion, appliances, furniture, groceries, and more. Flipkart had previewed some major offers ahead of the sale, and now that it's live, customers can access limited-time deals, exchange bonuses, no-cost EMIs, and credit card cashback alongside standard discounts. Here's a look at some of the top smartphone offers currently live on the platform: The iPhone 16 is currently Apple's most popular model until the launch of the iPhone 17 series in September. Right now, Flipkart offers the iPhone 16 for Rs 69,999, a significant reduction from its launch price of Rs 79,999. The iPhone 16 features 12GB RAM, 128GB of internal storage, an A18 chip, and iOS 18, ensuring smooth performance. It has a 6.1-inch Retina XDR display with a peak brightness of 1,600 nits. The camera system includes a 48 MP lens capable of recording 4K 60fps videos. The iPhone 16e is Apple's latest until the release of the 17 series. Currently, Flipkart sells the iPhone 16e for Rs 54,900, down from its launch price of Rs 59,000. The iPhone 16e features a Super Retina XDR display with a brightness of 1,600 nits, powered by the A18 processor, as are other iPhone 16 models, which enhances speed. It has a 48 MP single-camera with 2X optical zoom. The battery life has improved compared to the last SE model, offering approximately 12-15 hours on a full charge. The Nothing 3a stands out with its transparent back and Glyph LED lights that also serve as notification indicators. It sports a 6.77-inch AMOLED display with a 120Hz refresh rate and is powered by the Snapdragon 7s Gen 3 chipset. Now priced at Rs 24,999, reduced from Rs 28,149, it presents a compelling deal. Its triple-camera system includes a 50 MP main sensor, an 8 MP ultra-wide lens, and a 50 MP periscope telephoto lens with 3x optical zoom. The phone packs a 5,000mAh battery with 50W fast charging and runs Nothing OS 3.1 based on Android 15. Its distinctive design, balanced performance, and user-friendly software offer strong value at this price. The Samsung S24FE features a 6.7-inch 120Hz AMOLED display, an Exynos 2400e processor, 8GB RAM, and 256GB storage. Originally priced at Rs 59,999, it is now available for Rs 35,999. The Galaxy S24 FE boasts a triple rear camera setup with an 8 MP telephoto lens with 3x optical zoom, a 12 MP ultra-wide camera, and a 50 MP main sensor. It includes ProVisual Engine technology to enhance low-light photography using AI. It runs OneUI 6 based on Android 14 and is slated to receive seven years of security updates and OS upgrades. The device has a 4,700mAh battery supporting 45W fast charging. The Samsung S24 sports a 6.2-inch FHD+ display with a 120Hz refresh rate, powered by the Exynos 2400, with 8GB RAM and 128GB internal storage. Launched initially in India at Rs 79,999, it is now available at Rs 46,999. It features a triple rear camera setup with a 50 MP main lens, a 10 MP telephoto lens with 3x optical zoom, and a 12 MP ultra-wide camera. This device includes full Galaxy AI capabilities and a 4,000mAh battery with 25W fast charging.
