Mallya group shares take-off on Reliance stake reports

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Mallya group shares take-off on Reliance stake reports
Share prices of Vijay Mallya group companies rallied smartly today on reports that the Mukesh Ambani controlled Reliance Industries might pick a stake in the company. Kingfisher Airlines was up 6.17%, United Breweries was up 1.54% and McDowell holdings jumped 8.56%.

Reports in one of the leading business dailies had suggested that apart from Kingfisher Airlines, Reliance would also get Mangalore Chemicals and Fertilizers Ltd, in which the UB Group has a 30.44% stake.

It may be recalled that there was a chance meeting between Mukesh Ambani, whose wife owns the Mumbai Indians IPL franchisee, and Mr Vijay Mallya, who owns the Royal Challengers Bangalore team, at an IPL match a few days back.

Mallya group company Kingfisher Airlines has been saddled with mounting debt and remains cash strapped.

It has been unable to fulfill its debt obligations as well as pay salaries to keep the airline flying. The Mukesh Ambani group company Reliance is a cash rich company with a sizeable war chest and has been looking at making forays into a number of areas.

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