Vijay Mallya’s Mumbai Seafront House along with 12 Properties to be Auctioned

Business News
(Last Updated On: February 23, 2017)

United Spirits is all set to auction the properties of its former owner and fugitive tycoon, Vijay Mallya, which will include his palatial Mumbai residence (Niladri) after Mallya’s option to buy them at a discounted price, expired earlier this week.

The thirtheen properties of Mallya in Mumbai, Delhi, Kolkata, Bengaluru, Hong Kong and Scotland are worth nearly $100 million or Rs 680 crore, with only Mumbai’s property worth half the value.

After quitting as chairman with a severance package of $75 million, Mallya got a 1 year option to purchase the properties at ten percent discount to market value however it lapsed on February 21.

USL, the largest distiller of India is now in the process of letting him know that it plans to proceed with the auction, according to statements by sources familiar with the development. India has also sought Mallya’s extradition as he is wanted in different cases relating to loan defaults totaling Rs 6,000 crore after the collapse of Kingfisher Airlines.

No comments were made by either USL spokesperson or Mallya.

Whether any bidding comes from Mallya or his nominees is yet to be seen as it is quite well known that Mallya is emotionally attached to these properties.

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