There is a joke that often does the rounds in the elite circles of India: When we go abroad and ask for beer, they ask which one? In India, you just ask for a Kingfisher and everyone understands we are asking for beer.
Hidden behind masks of lavish parties, villas, fleet of more than 200 luxury vintage cars, Force India, Royal Challengers Bangalore and his yacht, the Indian Empress lives the one time real worth glamourous and the most flamboyant Indian, Vijay Mallya.
Having ascended to the liquor throne of the kingdom amassed by his father, Vittal Mallya after his death in 1984, Vijay had to start afresh through rough waters.
He shrinked the number of businesses from 20 to 6 to focus more on what he knew the best: To live life king-size.
Inspired by British Industrialist Sir Richard Branson, Mallya put in his blood to make his kingdom a mirror image of his larger than life image but like all kingdoms that reach their pinnacle, it too had to be burnt to the ground and the end of the game approached in the blink of an eye; with decline commencing after he had to sell, once India’s second-biggest airline, Kingfisher.
More than two years ago for want of cash, leaving its creditors, mostly state-run banks, and suppliers with pending dues the mid-buget yet lavish airline was grounded after facing severe turbulence – both in the air and on the ground – which estimated to only about $15 million, a fraction of what the lenders owed.
In the other parts of his business, the king of ‘Good Times’ painstakingly built the liquor empire which he inherited from his father into Rs 19,000-crore Empire.
But the irony is that the companies he now controls account for a mere 4.5% of the UB Group’s revenue.
Mallya invested into businesses which his father avoided.
Other than his own groups and conglomerates, he also ventured into new industries that his father had previously avoided such as fertilizers, because of India’s strong agricultural industry.
His principal industry, United Breweries, has once been the second largest spirits group in the world and has an evaluation of $12 billion.
At the time he acquired Kingfisher, it was making $100 million in sales, largely thanks to its Kingfisher beer, which was the fourth best-selling beer in India. Today, UB makes billions in sales, and Kingfisher has 25% share.
Today, UB is active in everything from alcohol to life science and engineering to IT and even aviation.
With homes in: Trump Towers, New York City; overlooking San Francisco Bay; on a game resort that he owns in South Africa; and a sprawling beachfront villa in Goa is just a shortlist to his great possessions.
Mallya has also been a big name in the car racing industry. He bought the Spyker F1 team for 88 million Euros, and rebranded it as Force India F1.
He also decided to enter politics in 2000 as president of the Janata Party. Despite a strong campaign, the party failed to win a single seat in the state legislative elections. Still, Mallya did not give up, and finally wound up being elected as an independent Member of Parliament.
With his wispy grey beard, and long hippy hair, Mallya soon became known as “India’s Richard Branson†and in 2005 the resemblance to the Virgin chief went a step even further with the establishment of his own airline.
Now , with grounded carrier Kingfisher and the debt-ridden Mallya, it’s been a sad turn to the game as the banks have moved to declare Mallya, once known for his flamboyant lifestyle, a “wilful defaulter”, pending court approval.
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