regulatory approvals,” UBHL had said in its annual report for FY13. Apart from its equity investment of R2,095 crore in the airline, UBHL’s exposure includes loans and advances of R2,359 crore besides the corporate guarantees.
Mallya, however, said the value of UBHL’s investments have been at the highest in the history of the company. “All the deals we have done which has been described by the media in many different ways and in many colours have led to one thing, common across the board: that’s a humongous rise in shareholder value,” he said.
Earlier in the day, when asked whether Heineken has expressed interest in increasing its stake in United Breweries, Mallya said that the Dutch brewer had not spoken to him about it. Both Mallya and Heineken hold 37.5% stake each in the beer company.
‘We are firmly in control of MCF & intend to remain so’
The UB Group subsidiary, Mangalore Chemicals and Fertilizers (MCF), has been seen to be heading towards a takeover battle in recent months after competitors Zuari and Deepak Fertlizers bought stake in the company, but its chairman Vijay Mallya on Thursday nixed any idea about giving up control of the company. “I can’t stop people from buying shares and neither can I stop people from making claims. But how successful those claims will be, only time will tell. As far as I am concerned, we are firmly in control of MCF and intend to remain so,” Mallya told reporters when asked about the plans for fertiliser company. Mallya’s UB Group currently holds around 21% stake in the fertiliser company.