Vijay Mallya, once hailed as the “King of Good Times,” is now one of India’s most controversial business figures. In this in-depth interview, Mallya breaks his nine-year media silence to share his side of the story—from building a business empire to the downfall of Kingfisher Airlines and the legal battles that followed.
Early Life and Childhood
Strict Upbringing
- Born in Kolkata, raised in Bangalore before returning to Kolkata for schooling.
- Father, Vittal Mallya, was a strict disciplinarian who emphasized education and hard work.
- Worked as a management trainee at his father’s company while studying in college.
Debunking Myths
- Denies stories of a lavish childhood (e.g., no fancy cars or toys).
- Describes himself as self-confident but not arrogant.
Building the UB Group Empire
Taking Over the Family Business
- Became chairman of UB Group at 28 after his father’s sudden death.
- Shifted from a micromanagement style to decentralized leadership.
Kingfisher Beer: The Birth of a Brand
- Relaunched Kingfisher Beer with a fresh, youthful image.
- Used surrogate marketing (since alcohol ads were banned in India).
- Built brand personality through sports, fashion, and music sponsorships.
Diversification: From Alcohol to Airlines
- Acquired Shaw Wallace to dominate the spirits market.
- Expanded globally with Berger Paints, making UB Group India’s first multinational.
The Kingfisher Airlines Saga
Launch and Initial Success
- Started in 2005 with a vision to provide premium air travel.
- By 2008, became India’s largest airline with 27% market share.
The Downfall: What Went Wrong?
- Global Financial Crisis (2008)
- Aviation fuel prices skyrocketed, increasing operational costs.
- Requested government intervention but was told to continue operations.
- Merger with Air Deccan
- Claims it was for industry consolidation, not just international flying rights.
- Rebranded as Kingfisher Red but struggled with pricing vs. service costs.
- Government Policies
- High taxes on aviation fuel.
- Denied foreign investment (Etihad deal blocked).
Employee Salaries and Public Backlash
- Admits non-payment of salaries but blames frozen bank accounts.
- Denies paying international employees while neglecting Indian staff.
- Apologizes publicly for the airline’s failure but defends his efforts.
Legal Troubles and Extradition
Loan Default Allegations
- Consortium of 17 banks lent to Kingfisher Airlines (not Mallya personally).
- Claims he offered settlements multiple times, but banks refused.
- Assets seized and sold—government recovered ₹14,100 crores (vs. ₹6,203 crore debt).
Leaving India (2016)
- Denies fleeing, says he left for a pre-scheduled meeting in Geneva.
- Passport revoked, preventing his return.
- Extradition case ongoing in UK courts.
Fighting the “Fugitive” Tag
- Insists he never intended to evade repayment.
- Challenges CBI/ED allegations of fund misrepresentation.
Life in Exile
Current Lifestyle
- Lives in the UK, semi-retired.
- Focuses on legal battles and remaining businesses.
- Denies extreme wealth, says most assets seized.
Reflections and Regrets
- Regrets not downsizing Kingfisher Airlines earlier.
- Defends his flamboyant image as a marketing strategy, not personal extravagance.
Conclusion: The Unanswered Questions
- Why did banks reject his settlement offers?
- Why was he singled out when other failed businesses weren’t?
- Will he ever return to India?
Mallya’s story remains a complex mix of business ambition, regulatory hurdles, and media scrutiny. Whether he is a victim of circumstance or a willful defaulter is still debated—but this interview gives his side of the story in his own words.
Final Note: This episode isn’t about glorifying or vilifying Vijay Mallya—it’s about understanding all sides of one of India’s most controversial financial sagas. What do you think? Share your views in the comments.
Watch the full interview on “Figuring Out” for more details.
