Kingfisher mogul’s assets seized: report

AFP-JIJI

Indian banks have begun seizing assets controlled by Indian business mogul Vijay Mallya, who could lose his luxury Goa holiday home over debts run up by his failing airline, a report said Monday.

Lenders to his Kingfisher airline took possession of one of the group’s corporate offices, Kingfisher House, in suburban Mumbai, the Economic Times said, quoting an unnamed bank official.

Mallya’s parent firm, United Breweries, is in a battle with the lenders, seeking damages of around 45 billion rupees ($730 million) and arguing they have no right to sell the assets.

The carrier, whose planes have been grounded since October, has never made a profit since it began flying in 2005 and owes vast sums to banks, airports, fuel suppliers and employees.