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Banks to auction Mallya's Goa villa on Wednesday

IANS  |  Mumbai 

A (SBI)-led consortium of banks will on Wednesday auction the Kingfisher Villa in Goa, which was once owned by industrialist Vijay Mallya.

The reserve price for the property has been set at Rs 85.29 crore.

The liquor baron left the country in March and is currently said to be living in Britain.

Kingfisher Villa, owned by United Breweries Holdings (UBHL), was mortgaged as collateral for loans to

owes around Rs 9,000 crore to the consortium of 17 banks.

The villa had been opened for inspection to interested bidders on September 26-27 and October 5-6.

Two attempts this year to e-auction Kingfisher House, the airline's corporate office in Mumbai, ended in failure as no buyer approached SBICAP, which is auctioning Mallya's properties on behalf of the lenders.

--IANS

bc/tsb

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 18 2016. 23:54 IST
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