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Kingfizzer: The Mallya Story
He was once the King of Good Times - known for his opulent lifestyle, calendar shoots with bikini-clad models, high stakes in an IPL team, and an airline that was the last word in luxury. But the global downturn in aviation and the rising fuel prices worsened Kingfisher's financial ill health. The several thousands of crores loaned to it by a consortium of banks proved insufficient to arrest the slide in its fortunes. By early 2013, the high-flying airline shut shop and closed the doors on disgruntled employees and investors - none of which, though, made any dent in Mallya's own lifestyle as he had pilfered cash from the company and stashed it abroad. Facing charges of money laundering, misappropriation and being a wilful defaulter, Mallya left the country in 2016 for his country estate near London. The Mallya Story is the tale of how the king lost his cheer and high spirits, to be remembered for one of the biggest corporate collapses of our time.
224 pages, Paperback
Published July 10, 2017
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February 16, 2022
‘The Rise and Fall of Vijay Mallya’ reveals the man behind the headlines. What emerges is a portrait of a workaholic, a man of unexpected religiosity, an aggressive entrepreneur respected by his staff, one who doggedly stayed the course despite body blows – but also someone who played fast and loose with fortune. And lost….
Some facts for starters:
1) When he inherited the group, his companies sold just 2.5m cases a year, yet by 1995 his drinks empire was the world’s tenth largest. By 2001 he was selling 26m cases of spirits.
2) At one stage he even sought to buy the Taittinger champagne house, such were his vaulted ambitions. Seemingly Mallya had the golden touch.
3) As the new millennium dawned the Kingfisher beer brand had become global and Mallya himself had embarked on a programme of self-promotion that saw him claim to be the “King of the Good Times”.
4) He became the owner of Royal Challengers Bangalore, the Indian Premier League cricket franchise, and the Barbados Tridents team in the Caribbean league.
5) He was the principal backer of the Force India Formula 1 grand prix racing team. He travelled by private jet, owned a luxury yacht, amassed a fleet of iconic vintage cars and lived in sumptuous properties around the world. He was constantly in the company of Bollywood stars.
And all that just fizzed out ……………
Mallya’s career began in earnest in 1983, when he was just 27 years old and his entrepreneur father Vittal Mallya died of a heart attack at a party.
The elder Mallya had ventured into India’s alcoholic beverage market in 1947, buying a century-old British beer company with five breweries in southern India, just as India won independence from British colonial rule. In the 1950s, Vittal moved into spirits, acquiring McDowell’s, a British-owned whisky importer, before setting up his own distillery.
His canniest move came in 1977, when Prime Minister Morarji Desai — who drank his own urine and publicly touted its health benefits — pledged to impose total prohibition in India by 1981.
Vittal bought up Indian distilleries and breweries from their panicked owners at bargain-basement prices. In 1979, just two years later, Desai was ousted, and the prohibition threat receded.
Mallya became chairman of the company on his father’s death, and began acquiring smaller rivals and new distilleries, introducing new products, and forging joint ventures. In 1978, at the age of 23, he had launched Kingfisher Premium beer, inspired by a defunct colonial brand whose label was buried in United Breweries archives. “It was a nice name — colourful, exciting, vibrant — and I built the brand around those core values,” he says.
It all started to go south and go sour in 2005 ………
The author has divided his book into 13 well constructed chapters:
1. The Beginning of the End
2. Kingfisher Airlines: The Take-off and the Crash
3. Vittal Mallya: The Reclusive Founding Father
4. The Initial Years
5. A Finger in Every Pie
6. Liberalization and After: Mallya’s Spirited Rise
7. The Conquest of Shaw Wallace
8. Mallya’s Foray into Politics
9. Sporting Ventures
10. Riding the Real Estate Boom
11. The King of Good Times
12. The Bankers’ Bane
13. The Mallya Empire Falls Apart
Vijay had launched Kingfisher Airlines, which he billed as a “five star hotel in the air” but based on the low-cost business model of Ryanair and easyJet in Europe and South West in the US.
The airline never made a profit and as soon as the global recession hit in 2007/8 his business model was in trouble. The cost of fuel soared, passenger numbers shrank and in 2012 the airline collapsed spectacularly. It never made a profit.
Creditors demanded repayment by Mallya personally, aircraft were impounded and thousands of staff were left unpaid.
In all 17 Indian banks together claimed Mallya owed them more than £1.15 billion in principal and interest. They claimed he never intended to repay them.
Some of the charges against Mallya allege that he diverted money borrowed to prop up Kingfisher into buying property overseas. It is also claimed that $40m was diverted to his children.
In a dossier to the UK courts, the Indian authorities presented what they called a “complete money trail”, alleging that more than £600m of the loans to Kingfisher were diverted by Mallya to shell companies in Switzerland, Ireland and Britain as well as the Force India grand prix business.
The dossier alleged that he used these offshoots to launder money through understating losses, false invoicing and other unauthorised diversion of funds. There were also allegations of corruption of bank officials and civil servants to influence granting of the loans.
He was charged with money laundering and fraud and fled to London in March 2016 on the eve of an arrest warrant being issued for him. The UK Court of Appeal has now ruled that he should be deported to India to answer those charges and the Supreme Court has refused to intervene………
The allegations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) make out that Mallya began diverting cash from his own company from 2010, stashing away part of it overseas.
This was to fund his lifestyle abroad and to invest in activities like F1 racing, goes the claim. The impression is that he was doing this even as his companies were going to seed and bank loans remained unpaid. In the end, the banks—which took a rather soft approach towards him to begin with—had to declare him a wilful defaulter.
He was now officially someone who had the wherewithal to repay his loans but was not doing so. His sixtieth birthday celebrations in December 2015, where he was said to have burned away crores of rupees, was the ultimate cue that set the banks after him. Now, enforcement agencies are listing his assets abroad.
Getting wind of his imminent arrest, Mallya fled India and is now living in the UK. He has evaded many summons from investigating agencies. His Indian passport has been revoked. He has been declared a proclaimed offender by Indian courts and now extradition proceedings have been initiated against him in the UK.
“His is a tale of our times—a heady cocktail of power politics, women and money; a tale of a bright young man whom luck favoured with an inheritance on whose foundations he built a huge empire, only to see it crash like a house of cards as he overreached…..”
Some facts for starters:
1) When he inherited the group, his companies sold just 2.5m cases a year, yet by 1995 his drinks empire was the world’s tenth largest. By 2001 he was selling 26m cases of spirits.
2) At one stage he even sought to buy the Taittinger champagne house, such were his vaulted ambitions. Seemingly Mallya had the golden touch.
3) As the new millennium dawned the Kingfisher beer brand had become global and Mallya himself had embarked on a programme of self-promotion that saw him claim to be the “King of the Good Times”.
4) He became the owner of Royal Challengers Bangalore, the Indian Premier League cricket franchise, and the Barbados Tridents team in the Caribbean league.
5) He was the principal backer of the Force India Formula 1 grand prix racing team. He travelled by private jet, owned a luxury yacht, amassed a fleet of iconic vintage cars and lived in sumptuous properties around the world. He was constantly in the company of Bollywood stars.
And all that just fizzed out ……………
Mallya’s career began in earnest in 1983, when he was just 27 years old and his entrepreneur father Vittal Mallya died of a heart attack at a party.
The elder Mallya had ventured into India’s alcoholic beverage market in 1947, buying a century-old British beer company with five breweries in southern India, just as India won independence from British colonial rule. In the 1950s, Vittal moved into spirits, acquiring McDowell’s, a British-owned whisky importer, before setting up his own distillery.
His canniest move came in 1977, when Prime Minister Morarji Desai — who drank his own urine and publicly touted its health benefits — pledged to impose total prohibition in India by 1981.
Vittal bought up Indian distilleries and breweries from their panicked owners at bargain-basement prices. In 1979, just two years later, Desai was ousted, and the prohibition threat receded.
Mallya became chairman of the company on his father’s death, and began acquiring smaller rivals and new distilleries, introducing new products, and forging joint ventures. In 1978, at the age of 23, he had launched Kingfisher Premium beer, inspired by a defunct colonial brand whose label was buried in United Breweries archives. “It was a nice name — colourful, exciting, vibrant — and I built the brand around those core values,” he says.
It all started to go south and go sour in 2005 ………
The author has divided his book into 13 well constructed chapters:
1. The Beginning of the End
2. Kingfisher Airlines: The Take-off and the Crash
3. Vittal Mallya: The Reclusive Founding Father
4. The Initial Years
5. A Finger in Every Pie
6. Liberalization and After: Mallya’s Spirited Rise
7. The Conquest of Shaw Wallace
8. Mallya’s Foray into Politics
9. Sporting Ventures
10. Riding the Real Estate Boom
11. The King of Good Times
12. The Bankers’ Bane
13. The Mallya Empire Falls Apart
Vijay had launched Kingfisher Airlines, which he billed as a “five star hotel in the air” but based on the low-cost business model of Ryanair and easyJet in Europe and South West in the US.
The airline never made a profit and as soon as the global recession hit in 2007/8 his business model was in trouble. The cost of fuel soared, passenger numbers shrank and in 2012 the airline collapsed spectacularly. It never made a profit.
Creditors demanded repayment by Mallya personally, aircraft were impounded and thousands of staff were left unpaid.
In all 17 Indian banks together claimed Mallya owed them more than £1.15 billion in principal and interest. They claimed he never intended to repay them.
Some of the charges against Mallya allege that he diverted money borrowed to prop up Kingfisher into buying property overseas. It is also claimed that $40m was diverted to his children.
In a dossier to the UK courts, the Indian authorities presented what they called a “complete money trail”, alleging that more than £600m of the loans to Kingfisher were diverted by Mallya to shell companies in Switzerland, Ireland and Britain as well as the Force India grand prix business.
The dossier alleged that he used these offshoots to launder money through understating losses, false invoicing and other unauthorised diversion of funds. There were also allegations of corruption of bank officials and civil servants to influence granting of the loans.
He was charged with money laundering and fraud and fled to London in March 2016 on the eve of an arrest warrant being issued for him. The UK Court of Appeal has now ruled that he should be deported to India to answer those charges and the Supreme Court has refused to intervene………
The allegations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) make out that Mallya began diverting cash from his own company from 2010, stashing away part of it overseas.
This was to fund his lifestyle abroad and to invest in activities like F1 racing, goes the claim. The impression is that he was doing this even as his companies were going to seed and bank loans remained unpaid. In the end, the banks—which took a rather soft approach towards him to begin with—had to declare him a wilful defaulter.
He was now officially someone who had the wherewithal to repay his loans but was not doing so. His sixtieth birthday celebrations in December 2015, where he was said to have burned away crores of rupees, was the ultimate cue that set the banks after him. Now, enforcement agencies are listing his assets abroad.
Getting wind of his imminent arrest, Mallya fled India and is now living in the UK. He has evaded many summons from investigating agencies. His Indian passport has been revoked. He has been declared a proclaimed offender by Indian courts and now extradition proceedings have been initiated against him in the UK.
“His is a tale of our times—a heady cocktail of power politics, women and money; a tale of a bright young man whom luck favoured with an inheritance on whose foundations he built a huge empire, only to see it crash like a house of cards as he overreached…..”
February 2, 2018
A true pager turner, thoroughly enjoyed the chapter on Vittal Mallya, insights about acquisitions and liquor business in India. I got high on kingfizzer and reading about the adventures of king of good times. Hope `good times` will be back for the king :)
June 22, 2021
Stark difference between Vijay Mallya and his father.
While Vittal Mallya was an astute businessperson with an eye to detail and extremely cost conscious his son turns out to be flamboyant and arrogant. Mr Vittal Mallya was considered a man with Midas touch who would buy distressed company and turn them around. Vijay Mallya on the other hand, would pay exorbitant price (Air Deccan) and kill the business after acquisition without understanding the need of the market. VJM gave the market share on platter to Indigo and Spice Jet just because of his dream to have a high-class airline while the market desperately needed a low cost airline. He did acquire Deccan, which was a low cost airline but killed the airline in his obsession for Kingfisher.
Unique example of business being built in one generation and then being destroyed by very next generation !!
While Vittal Mallya was an astute businessperson with an eye to detail and extremely cost conscious his son turns out to be flamboyant and arrogant. Mr Vittal Mallya was considered a man with Midas touch who would buy distressed company and turn them around. Vijay Mallya on the other hand, would pay exorbitant price (Air Deccan) and kill the business after acquisition without understanding the need of the market. VJM gave the market share on platter to Indigo and Spice Jet just because of his dream to have a high-class airline while the market desperately needed a low cost airline. He did acquire Deccan, which was a low cost airline but killed the airline in his obsession for Kingfisher.
Unique example of business being built in one generation and then being destroyed by very next generation !!
March 12, 2024
Kingfizzer: The Mallya Story" by Kingshuk Nag is a riveting exploration into the life and legacy of Vijay Mallya, the charismatic tycoon whose rise and fall have captivated the nation. Nag's meticulous research and engaging prose make this biography a must-read for anyone intrigued by the enigmatic persona of Mallya.
Nag takes readers on a compelling journey through Mallya's early years, tracing his evolution from a scion of the prestigious Mallya family to the flamboyant entrepreneur known as the "King of Good Times." Through vivid storytelling and insightful analysis, Nag unravels the intricate web of ambition, success, and controversy that defined Mallya's career.
One of the book's strengths is Nag's ability to provide a balanced portrayal of his subject. While acknowledging Mallya's entrepreneurial acumen and larger-than-life persona, Nag doesn't shy away from addressing the controversies and legal troubles that have shadowed Mallya's later years. This nuanced approach adds depth and credibility to the narrative, allowing readers to form their own informed opinions about Mallya's complex character.
Moreover, Nag's prose is both accessible and engaging, making "Kingfizzer" a page-turner from start to finish. Whether delving into Mallya's high-flying business ventures or exploring the intricacies of his personal life, Nag keeps readers hooked with his compelling storytelling and keen insights.
In addition to offering a fascinating glimpse into Mallya's world, "Kingfizzer" also serves as a broader commentary on the intersection of wealth, power, and accountability in contemporary India. Through Mallya's story, Nag prompts readers to reflect on larger questions about corporate governance, financial ethics, and the culture of impunity that permeates certain sectors of society.
Overall, "Kingfizzer: The Mallya Story" is a masterfully crafted biography that sheds light on one of India's most captivating figures. With its richly detailed narrative, balanced perspective, and thought-provoking analysis, it stands as an essential addition to the library of anyone interested in business, politics, or the human drama behind the headlines.
Nag takes readers on a compelling journey through Mallya's early years, tracing his evolution from a scion of the prestigious Mallya family to the flamboyant entrepreneur known as the "King of Good Times." Through vivid storytelling and insightful analysis, Nag unravels the intricate web of ambition, success, and controversy that defined Mallya's career.
One of the book's strengths is Nag's ability to provide a balanced portrayal of his subject. While acknowledging Mallya's entrepreneurial acumen and larger-than-life persona, Nag doesn't shy away from addressing the controversies and legal troubles that have shadowed Mallya's later years. This nuanced approach adds depth and credibility to the narrative, allowing readers to form their own informed opinions about Mallya's complex character.
Moreover, Nag's prose is both accessible and engaging, making "Kingfizzer" a page-turner from start to finish. Whether delving into Mallya's high-flying business ventures or exploring the intricacies of his personal life, Nag keeps readers hooked with his compelling storytelling and keen insights.
In addition to offering a fascinating glimpse into Mallya's world, "Kingfizzer" also serves as a broader commentary on the intersection of wealth, power, and accountability in contemporary India. Through Mallya's story, Nag prompts readers to reflect on larger questions about corporate governance, financial ethics, and the culture of impunity that permeates certain sectors of society.
Overall, "Kingfizzer: The Mallya Story" is a masterfully crafted biography that sheds light on one of India's most captivating figures. With its richly detailed narrative, balanced perspective, and thought-provoking analysis, it stands as an essential addition to the library of anyone interested in business, politics, or the human drama behind the headlines.
August 16, 2019
Born to an affluent family to running one of the most successful Indian enterprise, Vijay Mallya's career graph is every bit exciting and edgy.
Unlike his father in Vittal Mallya, who was a frugal, Vijay Mallya truly lives his life, King Size! However the Sr. Mallya will forever be remembered for his astute business acumen, the latter for his, opulence.
Mallya Jr. is everything that is extravagant. The arrogant 'zamindar', has never shied away from the cocktail of money, power and women, despite the eventual debacle of his Kingfisher Airlines and the subsequent dying fate of his other ventures.
He is a declared fugitive, failing to repay, loans amounting to several thousand crores of rupees. His 'escape', stamped the failure of Indian Govt and Judiciary, who are now trying their 'best' efforts to get him back from the UK to India.
Vijay Mallya's case-study is an excellent example of having bitten more than one can chew. I'd highly recommend you all to give this book, a read and more specifically to all the MBA aspirants. Consider this as an elaborate case-study on the man who owns penthouses, vintage cars, sports teams, but an endured goodwill. 📚
Unlike his father in Vittal Mallya, who was a frugal, Vijay Mallya truly lives his life, King Size! However the Sr. Mallya will forever be remembered for his astute business acumen, the latter for his, opulence.
Mallya Jr. is everything that is extravagant. The arrogant 'zamindar', has never shied away from the cocktail of money, power and women, despite the eventual debacle of his Kingfisher Airlines and the subsequent dying fate of his other ventures.
He is a declared fugitive, failing to repay, loans amounting to several thousand crores of rupees. His 'escape', stamped the failure of Indian Govt and Judiciary, who are now trying their 'best' efforts to get him back from the UK to India.
Vijay Mallya's case-study is an excellent example of having bitten more than one can chew. I'd highly recommend you all to give this book, a read and more specifically to all the MBA aspirants. Consider this as an elaborate case-study on the man who owns penthouses, vintage cars, sports teams, but an endured goodwill. 📚
January 21, 2018
If you ever wanted to know the whole story of the 'King of Good Times' this is it. It covers everything, from Kingfisher Airlines, his liquor business, his journey into politics, his personality, and a lot more. My favorite part has to be the liquor business story, because it provides a really good insight into an industry that nobody seems to talk about when it comes to business.
August 18, 2017
An amazing read about the rise and fall of Mallya empire. This book is a real page turner and provides a lot of detailed info into the crisis (read Kingfisher Airlines) that led to the downfall of Vijay Mallya. We have to wait and see how the "King of good times" fares in his bad times.
April 2, 2020
The book is really good. It showcases the ups and downs of Vijay Mallya. It gives us the insight of kingfisher and its humble origin in general. As a business point, some can learn from it, some can make a case study out of it.
May 3, 2018
The history of Mallya's takeover of different liquor brands is done in detail. But the book unfortunately adds nothing new that is not already known about Vijay Mallya's flight from the country and the crumbling of his empire.
Displaying 1 - 9 of 9 reviews