Troubled business tycoon Vijay Mallya yesterday asserted that his stepping down as chairman of the United Spirits Ltd. will not affect his control in Formula One team, Sahara Force India
Vijay Mallya
New Delhi: Troubled business tycoon Vijay Mallya yesterday asserted that his stepping down as chairman of the United Spirits Ltd. will not affect his control in Formula One team, Sahara Force India.
Vijay Mallya
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It is widely believed that his USD 75 million (R515 crore) deal with UK-based liquor major Diageo meant that his control is over not only in IPL team Royal Challengers Bangalore (RCB) but also in Force India.
RCB is controlled by USL (in which Diageo holds controlling interest) and the control over Watson Ltd, the UK based company that owns the F1 team, has also shifted to Diageo.
However Mallya says he still is the boss at Force India.
"Nothing's changed at Force India. I remain Team Principal and Managing Director. If you take a loan, you give some shares as security. That does not mean security has changed. Diageo may have security over my shares but ownership has not changed. I don't know why is everybody making a deal about it," Mallya told PTI.
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