India. Lenders insist on listing of Vijay Mallya’s overseas assets

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A group of lenders led by State Bank of India on Monday sought to strongly refute the United Breweries Group chairman Vijay Mallya’s contention that they, needing to recover over R9,000 crore from him, have no business to know about his overseas assets. The banks iterated that his personal guarantee “subsisted” and was a “major source of recovery” for them given that petitions seeking winding up of his two insolvent companies — Kingfisher Airlines (KAL) and United Breweries Holdings — are pending in the Karnataka High Court. (more…)

India. UBL land issue: Chief Minister clarifies

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Refuting the allegations that his government had given 20 acres of land to United Breweries Limited (UBL) at a throwaway price in Palakkad district, Chief Minister Oommen Chandy said that the UDF government was only being made a scapegoat. (more…)

Malaysia. Brewers may need to be innovative

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Beer companies may have to adopt a different approach to target further growth in the Malaysian market amid the extremely difficult operating environment surrounding the industry currently. (more…)

India. Beer shortage hits guzzlers in Andhra Pradesh

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Guzzlers, who try to beat the summer heat with a sip of chilled beer, are finding the going tough this time around. The brew ran out of stocks in the depots of Andhra Pradesh Beverages Corporation (APBC) in light of the soaring demand and fall in supply. (more…)

Malaysia. Carlsberg expects a tough year in FY16

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Carlsberg Brewery Malaysia Bhd (Carlsberg Malaysia) expects a tough year in the financial year ending Dec 31, 2016 (FY16), given the slower economic growth in Malaysia and Singapore compounded by the increase in the excise duty. (more…)

India. United Breweries Holdings Ltd appoints Ajay Kumar Vijay new CFO

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nited Breweries Holdings Ltd (UBHL), the holding company of former liquor baron Vijay Mallya’s UB Group, said it appointed Ajay Kumar Vijay chief financial officer with effect from April 20.
Vijay succeeds Ravi Nedungadi, who retired last month after reaching prescribed retirement age. (more…)