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India.com
12-06-2025
- Business
- India.com
'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)
Pink Villa
12-06-2025
- Business
- Pink Villa
Who is Vijay Mallya's first wife? Everything about his lavish lifestyle, 3 wives, net worth, to cars
Vijay Mallya, the 'King of Good Times', has always garnered the attention of the media and public. Whether it is his extravagant lifestyle and luxurious properties or his personal life, the business tycoon's life sparks debates and discussions. The most celebrated businessman rose to fame due to his expansive ventures in aviation, liquor, and sports. However, despite his financial status and lavish lifestyle, his life wasn't rosy. Over the years, his name has been linked to a lot of legal challenges, public scrutiny, and alleged fraudulent activities. Here's a quick take on his personal and professional trajectory. Vijay Mallya's First Wife Vijay Mallya married thrice and has three children. His first wife, Sameera Tyabji, was a former Air India air hostess. They met in 1986, during a business trip to the United States. After several interactions, Vijay proposed to Sameera in mid-air. Their love story created headlines, and within a year, they tied the knot. Later, the couple was blessed with a baby boy, Siddhartha. When the couple moved to England, their personal life took a major turn, and their marriage came to an end. Vijay Mallya's Second Wife Later, he got hitched to Rekha, his childhood friend who was also an air hostess. At that time, Rekha was navigating through a separation. From her previous marriages, she had two children, Kabir and Laila. Years passed, and Vijay and Rekha's relationship strengthened, leading to their marriage in 1993. He also adopted Rekha's daughter Laila, whereas the couple welcomed two daughters, Leanna and Tanya. Since the media and public were keenly interested in their relationship, Rekha strived to maintain a low profile. In addition to his business empire and controversies, Vijay Mallya's personal relationships and marriage have kept the audience hooked to know more. As he expanded his empire across aviation, real estate, and beverages, he was hailed as the 'King of Good Times'. At just 28, he was announced as the Chairman of United Breweries Group. Vijay Mallya's alleged third wife, Pinky There have been speculations that Mallya married for the third time. However, there has been no official confirmation regarding the same. Reportedly, he married to former Kingfisher Airlines employee, Pinky Lalwani. They were apparently spotted together during the court hearings of Mallya's court cases. Vijay Mallya's Business Timeline In 2005, he launched top-class aviation services, Kingfisher Airlines, which struggled financially later and was shut down. In 2008, he purchased the Royal Challengers Bangalore IPL team for reportedly Rs 476 crore, making it the most expensive team of all. In 2013, it was estimated that Vijay Mallya's net worth was around 750 million dollars. His private jets and luxury yachts screamed pure luxury and his lavish way of living. In 2016, Mallya exited India and allegedly defaulted on loans worth over Rs 9,000 crore. However, in the recent podcast, Figuring Out with Raj Shamani, Mallya stated that he didn't do anything wrong and that the stories were fabricated by the media and critics. In 2017, in a case linked to Kingfisher's downfall, the Supreme Court declared him guilty. Cut to 2022, despite the ongoing legal issues and controversies, Vijay Mallya's net worth was estimated to be around 1.2 billion dollars, which is Rs 10,297 crore. Vijay Mallya's Lavish Properties In London, he owns numbers 18 and 19 on Cornwall Terrace, a historic property built in 1823. In 2015, he purchased Ladywalk Mansion in Hertfordshire. In addition, Mallya owns a $2.4 million penthouse and three condos in Trump Plaza, New York, two of which he shares with his daughter. He also owns a luxurious estate near Cannes, France. In India, he has a seaside bungalow on Napean Sea Road in Mumbai, known as Niladari. Furthermore, his list of properties includes a penthouse in Kingfisher Towers, Bangalore, and a mansion in California. To conclude, Mallya owns approximately 26 properties across India and Europe, and it is also true that he had to sell a few due to his inability to repay all of his loans. Vijay Mallya's Car Collection Known for having a large car collection, Mallya continues to live a lavish lifestyle. His car collection includes a Mercedes 220SE, which he has parked at his Mandwa home. To everyone's surprise, the company only produced 2,729 cars, and Vijay owns one. As a lover of sports cars, he owned a two-seater red Ferrari 328 GTS, which debuted in 1985. Moreover, he also had a Herald during his college days and a white Rolls-Royce Ghost. As Vijay Mallya turns 70 this year, his life's narrative will forever be etched into history. His cases and controversies have also become a symbol of India's struggles with high-profile financial offenders. Nonetheless, to date, the Indian fugitive, former businessman, and politician continues to garner attention and make headlines. Z ee News, Economic Times platforms. In some cases, celebrities or their teams give their inputs too, which we incorporate if provided by them. We take all efforts to share possible accurate numbers, however, unless otherwise mentioned they are all approximates. We are open to feedback and suggestions on editorial@
India.com
08-06-2025
- Business
- India.com
400 feet above ground; fugitive tycoon Vijay Mallya owned lavish Penthouse in this luxury tower, its located in..., price is Rs...
Vijay Mallya owned a lavish penthouse atop the Kingfisher Towers in Bengaluru's UB City. (File) Fugitive business tycoon Vijay Mallya, who is once again in the news after a candid podcast with YouTuber Raj Shaman, in which the tainted businessman broke silence on the allegations leveled against him after nine years, was once ranked among the wealthiest individuals in India, and owned a uber-luxurious Penthouse on atop the Kingfisher Towers, aka the 'Billionaires' Tower', in Bengaluru's posh UB City. Vijay Mallya's luxury Penthouse atop 'Billionaires' Tower' Vijay Mallya's penthouse is spread across the top two floors of the Kingfisher Towers in Bengaluru. Known as the 'sky mansion, the penthouse is located on the 34th and 35th tower with a helipad at the top. According to media reports, the expansive penthouse spans 40,000 square feet across two levels, and is built on a cantilever slab on top of the tower. The structure was designed as a designed as a private villa, with two private elevators and no connection to other units in the tower. Apart from a helipad, Mallya's penthouse, whose design resembles the White House, has an infinity pool, and a 360-degree viewing platform, and has an estimated market price of over $20 million. The 'Billionaires' Tower' Famously known as the 'Billionaires' Tower', the Kingfisher Towers is a 34-storey luxury residential complex comprising of 81 4BHK apartments, starting at 8000 square feet. The complex has three buildings spread across 4.5-acres on land, which was once the ancestral home of Vijay Mallya. Located in the central business district (CBD) of UB City, one of the priciest areas in Bengaluru, the Kingfisher Towers was developed in a joint venture between the Prestige Group and Vijay Mallya's United Breweries Group in 2010, and luxury apartments were initially sold at Rs 22,000 per square foot.
India.com
08-06-2025
- Business
- India.com
This man once successfully led Kissan, Berger Paints, Cadbury, his net worth was…, Vijay Mallya is his....
Vijay Mallya (File) New Delhi: Vijay Mallya, once dubbed the 'King of Good Times', recently grabbed headlines after his first interview since 2013, in a conversation with podcaster Raj Shamani, where he discussed a wide range of topics. In his four-hour-long video podcast aired on Thursday, Mallya claimed he made four settlement offers between 2012, following the collapse of the now-defunct Kingfisher Airlines, and 2015, which the banks 'refused to accept'. After taking up the role of United Breweries Group chairman at the age of 28, the liquor baron expanded into various sectors, including aviation, beverages, and real estate. Known as the 'King of Good Times,' the journey of the successful businessman to a fugitive has been full of controversies. According to Forbes, his estimated net worth was around $750 million in 2013. In contrast, Vijay Mallya's most recent net worth estimate, as reported by the Independent UK in July 2022, was approximately USD 1.2 billion. Vijay Mallya's Father: Vijay Mallya's father, late Vittal Mallya, was a known name in the world of business entrepreneurship and made his name by creating a big empire with a focus on the alcohol industry. Vittal led big brands Kissan, Cadbury, Berger Paints, Hindustan Polymers, Mangalore Fertilisers, British Paints and Mysore Electro-Chemical Works. Vittal Mallya had a huge impact on Vijay Mallya's life. Both Vittal and Vijay's school and education had taken place in Calcutta, and Vijay, after nine years, recently spoke about his bond with his late dad, Vittal, his strictness, the differences that the father, son had and how Vittal was known to be a frugal spender. Vijay, in a recent podcast of Raj Shamani, spoke about his father and said that Vittal studied in Dune school, topped his class and expected Vijay to also do the same. Vijay then shared what his father told him that made him take his academics seriously. In his words: 'Nevertheless, he said something to me that I think I remember till today. Two things made a profound impact- one, if you are not good enough, you are not going to step into my shoes. The second thing he said was, Do you realise that while I say step into my shoes, there may not be any shoes at all, because then there is the government and social policies may have taken everything away from us. The only thing I can leave to you is your education, so take it seriously. I think I repaid some amount of it because for my last three years in school, I think I came within the top three in class, and he was very happy about it,' Vijay Mallya. 'He was a man of few words. He did one thing that embarrassed me no end. Every time he saw me, he gave a big kiss on my cheek. Whether it was at the airport, office, or home, he would give me a hug and a big kiss on the cheek. Bless him for that,' he added. Vijay Mallya's personal life Mallya married Sameera Tyabji in 1986, though their marriage ended a year later. In 1993, he tied the knot with Rekha Mallya, and the couple has three children – Siddharth, Leanna, and Tanya.
Mint
07-06-2025
- Business
- Mint
Vijay Mallya—declared a fugitive economic offender—wants to return home. What are his options?
Mumbai/Bengaluru/New Delhi: After nearly a decade of silence, Vijay Mallya, the flashy business tycoon who founded one of India's fanciest airlines that eventually went kaput and resulted in him being declared a fugitive economic offender, has re-emerged to tell his side of the story. The 'King of Good Times' wants to return to India and clear his name if promised a 'fair trial and a dignified existence", he said in a podcast recorded in London, where he has resided since leaving India in 2016. 'We all know how long detentions and trials can last in India," he said. 'That's not justice." But while the former liquor baron has legal remedies available to him to return to India and settle the outstanding cases against him, it won't be a smooth landing, say legal experts. 'If Vijay Mallya steps off a plane in India, the legal chessboard lights up instantly," said Ketan Mukhija, a senior partner at law firm Burgeon Law. Mallya could voluntarily appear before the court and surrender, thereby invoking his right to apply for bail, including anticipatory bail, Mukhija said. Mallya's legal team, however, would have to contest every existing arrest warrant, lookout circular, and non-bailable order, arguing on grounds of procedural irregularities or the absence of fresh incriminating evidence, Mukhija added. Article 21 of the Constitution, which guarantees the right to life and personal liberty, including the right to a fair trial, would govern Mallya's request for a 'fair trial', according to Ajay Khatalawala, managing partner at law firm Little & Co. Mallya can also contest the tag of fugitive economic offender. The tag is proclaimed by a court when an individual accused of a serious financial crime, usually involving large sums, either flees the country or refuses to return to face trial. If Mallya decides to return to India and surrender, he can file a petition seeking to have the declaration of fugitive economic offender rescinded. However, the court will only consider such relief if it is satisfied that the return is genuine and made without mala fide intent, Khatalawala said. What Mallya said The podcast called Figuring Out, hosted by Raj Samani, featured Mallya's first public conversation in nine years, during which he claims to have not been given a chance of fair trial by the media. He claimed to be a victim of media sensationalism and political scapegoating. 'I regret one thing, which is that after all my hard work, all the value that I created in so many multiple ways, that effectively, the government of India and, of course, the media made me a zero from a hero. And that's a fact of life that I have had to stomach and live with," he said. At a very young age, Mallya was 'installed in the hot seat" as he became the chairman of the Bengaluru-based United Breweries Group after his father Vittal Mallya's demise in 1983. Helming UB Group, Mallya built Kingfisher beer into a dominant brand with over 50% market share. The eponymous airline that followed in 2005 was his vision to 'produce the best flying experience that India had ever seen". The acquisition of low-cost carrier Air Deccan in 2007 was widely blamed for Kingfisher Airline's downfall. Mallya said the acquisition was a calculated consolidation and not a means to by-pass a rule that required an airline to be operational for five years before it could fly internationally. The downward spiral came after the 2008 global financial crisis. Mallya said he approached the then finance minister Pranab Mukherjee with his plan to downsize his airline. Mukherjee asked him not to downsize and promised the airline would be supported by banks, Mallya claimed. Mukherjee passed away in 2020. With fuel cost rising and the government not allowing foreign investment in the aviation sector further complicated matters for Kingfisher Airlines, Mallya said. It was 'the economy, the circumstances, the government policy then existing all conspired to create a perfect storm through which King Fisher could not survive". 'Paid more than what was due' Mallya claimed in the podcast that while he owed only ₹6,203 crore to various banks, India's ministry of finance has reported a recovery of ₹14,131.6 crore, which is 'multiple times over." 'I am not a chor (thief)," Mallya said, refuting allegations that he fled India in March 2016 to evade authorities following the bankruptcy of Kingfisher Airlines, insisting he had planned a visit to Geneva to attend an international conference. Kingfisher Airlines, which was grounded in October 2012, owed more than ₹7,500 crore to lenders led by State Bank of India. The airline had accumulated losses of ₹16,023.46 crore as of 31 March 2013. He was being investigated by the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI), and the Serious Fraud Investigation Office (SFIO) for various economic offences. But on 15 April that year, the ministry of external affairs suspended his passport. On the podcast, Mallya said he responded to a summons by the ED requesting more time to negotiate with his foreign collaborators to sell shares and settle the dues. Asked why he didn't fight harder to get his passport restored and return to India, Mallya said he was overwhelmed by the number of legal battles. 'How many fronts should I open at once? These are expensive and time-consuming battles." Fugitive or fall guy? Refuting allegations that he siphoned off funds from Kingfisher Airlines, Mallya said he infused ₹3,000 crore of United Breweries funds into the airline to keep it afloat. 'Nobody talks about that. If I intended to steal, would I have pledged my own shares and given personal guarantees?" he said. Mallya claimed that banks recovered double the amount he owed them by selling his assets. 'Yet despite 15 formal requests, they haven't given me a statement of account," he said. On the podcast, Mallya apologized for the non-payment of salaries to Kingfisher Airlines's employees. He claimed he made repeated attempts to get the Karnataka High Court to release ₹260 crore that it had frozen so he could pay employee wages. 'I offered settlements multiple times between 2012 and 2015 but they were all rejected," Mallya said. 'I am deeply sorry and I take full responsibility for it." Industrialist Harsh Goenka spoke out in Mallya's defence. While Mallya lived a 'high life" and had defaulted on loans, his dues have reportedly been settled, he said. 'Meanwhile, bigger defaulters walk free with much fatter haircuts from banks," Goenka said on social media platform X. 'If dues remain, the banks should clearly say so. If not, why is he still a political punching bag?" Mallya replied to Goenka on X that the finance ministry had 'confirmed in writing that Banks have recovered ₹14,100 crores from me against a DRT (debt recovery tribunal) judgement debt of ₹6,203 crores". Shriram Subramanian, the managing director of proxy advisory firm Ingovern doubts Mallya will return to India as there is no guarantee on what will happen to him. 'He has been the punching bag for all the large loan defaults by businessmen," said Subramanian. 'The cultivated political connections, lavish parties, and hi-profile public image makes him the ultimate fall guy."
