India. Vijay Mallya, not Heineken has the right to choose UB’s successor

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Although Dutch brewer Heineken is the biggest stakeholder in United Breweries, joint venture partner Vijay Mallya has the right to choose his successor as chairman of the company, according to the terms of a 2009 agreement. That will need to be amended if Heineken wants to pick its own nominee, said several people aware of the matter. (more…)

India. Heineken takes larger swig, ups UB stake to nearly 44 per cent

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Dutch brewer Heineken International on Wednesday moved closer to gaining a controlling stake in India’s largest beer manufacturer United Breweries (UB), acquiring 4.2 million equity shares through bulk deals on the stock exchange. Heineken spent around Rs 358 crore to increase its stake in the beer company to 43.97% from 42.38%. (more…)

India. Karnataka orders recovery of tax dues from UBL

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Even as a consortium of banks led by State Bank of India (SBI) is struggling to recover loan dues amounting to Rs 9,091 crore from UB Group chairman Vijay Mallya, the Commercial Taxes Department of Karnataka has issued an order to recover tax dues amounting to several lakhs of rupees from Mallya-controlled United Breweries Limited (UBL). (more…)

India. Block deal on United Breweries; stock up 1%

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United Breweries gained 1.1% to Rs.852 on BSE. Around 4.5 lakh shares were traded in a single block at Rs. 327.45 on the NSE. Heineken buys additional 21 Lakh shares in United Breweries, as per media reports. (more…)

India. Sebi expands probe into UB group firms

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Finding prima facie evidence of non-compliance to various norms including on insider trading and corporate governance, Sebi has widened its probe into dealings of Vijay Mallya-led UB Group, including in its own shares and with UK-based Diageo and other foreign players. (more…)

Heineken eyes control of indebted Indian tycoon’s brewery

Heineken eyes control of indebted Indian tycoon’s brewery
Bottles of beer are seen on an assembly line during the opening ceremony of the Heineken Beer factory outside Yangon July 12, 2015. REUTERS/Soe Zeya Tun
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Heineken is likely to ask Vijay Mallya, who owes creditor banks more than $1 billion, to step down from the board of United Breweries, India’s largest brewer, three people with direct knowledge of the plan told Reuters. (more…)