Vijay Mallya offers Rs.80-lakh gold-plated doors for Kukke Subramanya temple
Under the circumstances, he has done the best he can. The near-bankrupt Kingfisher, which has never posted a profit since it started operations, has not paid salaries since February this year. In a steep fall, Kingfisher’s passenger load factor, dropped to 53% in July with strikes by employees forcing the airline to call off flights; as a result, its market share fell to 3.4%.
Mallya’s best business is housed in United Breweries which makes Kingfisher beer. While United Spirits commands over 50% market share in the branded spirits market, the firm has a consolidated net debt of just over R8,000 crore. The R9,168 crore company has seen its leverage increase to 1.7 times, while the interest coverage ratio has narrowed to 1.3x for 2011-12. A sale of treasury stock or of United Breweries shares could infuse the much-needed