Vijay Mallya, chairman of UB Group, which owns USL and UBL, is understood to have urged most of his senior employees to go for the dizzy heights of sales of 200 million cases. He was interacting with the employees at a party at The Bangalore Palace on Wednesday evening. One case is equivalent to nine litres.
The occasion, which also coincided with the stepping down of Vijay K Rekhi as USL’s managing director, witnessed the presenting of ‘The Phantom’ from the stables of Rolls Royce, to Mallya by United Spirits.
Both UBL and USL crossed the 100-million case sales mark in 2009-10. According to industry watchers, USL is expected to report 130 million case sales in 2010-11. Company insiders said while USL was likely to reach the 200-million case mark in 2011-12 or by early 2012-13, it would take some more time for UBL. If USL achieves the said target, it would go past Diageo to become the world’s largest spirits company in volume terms. Similarly, the 200-million case mark is likely to boost the already dominant position of UBL in India.
UBL posted a 40.3 per cent rise in net profit at Rs 29.8 crore in the December quarter on the back of sound growth in sales numbers. Total income rose 38 per cent to Rs 609.6 crore. Similarly, USL registered a 34 per cent rise in net profit at Rs 130 crore. Total revenue rose 45 per cent to Rs 1,969.4 crore.
Reliance General Insurance has been directed by a consumer forum here to pay Rs 14.34 lakh to a policy holder for "deliberately" rejecting his claim ...