Mallya received part of Diageo funds in offshore accounts

Vijay Mallya, chairman of UB group, received part of the proceeds from the sale of shares in United Spirits Ltd (USL), including the sale of South African breweries from Diageo in his offshore accounts, banking sources said.

The USL sale proceeds were not used to repay loans to Indian banks in 2012 which lent Rs 7,200 crore to Mallya-owned Kingfisher Airlines.

Diageo had spent nearly Rs 11,000 crore for acquisition of United Spirits in November 2012. Besides, it spent another $58 million (approx Rs 394 crore) in two tranches for the acquisition of South African breweries from Mallya. Read More