- Saturday, April 20, 2024
By: Pramod Thomas
HEINEKEN has acquired an additional 39.6 million shares in United Breweries Limited (UBL), taking its shareholding in the Indian brewer from 46.5 per cent to 61.5 per cent, for £560 million.
The sale was led by a debt recovery tribunal after the shares of the company, which owns India’s top-selling Kingfisher beer, was attached by financial investigation agency Enforcement Directorate, as part of the measures taken against fugitive businessman Vijay Mallya.
Mallya, who has lost an extradition battle in the UK, is facing a money laundering case against the now-defunct Kingfisher Airlines Ltd. He is accused of loan defaults of nearly £1 billion to a consortium of Indian banks led by the SBI.
The extradition of Mallya has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Reports in Indian media say that he has applied for asylum after his permission to file an appeal in the Supreme Court is denied.
Kingfisher is the largest beer brand in India and has a presence in over 50 countries including the UK.
