Brief Summary
This YouTube video features Raj Shamani interviewing Vijay Mallya, who addresses the controversies surrounding him and Kingfisher Airlines after 9 years of media silence. Mallya defends himself against accusations of fraud, claiming he intended to repay loans and that his assets have been seized and sold unfairly. He discusses his childhood, business ventures, the rise and fall of Kingfisher Airlines, and his current life. Key points include:
- Mallya claims he's a victim of media trial and government targeting.
- He asserts he made multiple settlement offers to banks, which were rejected.
- He expresses regret for the failure of Kingfisher Airlines and apologizes to employees.
Intro
The video introduces Vijay Mallya, describing him as a controversial figure due to the ₹9,000 crore loan default scam involving Kingfisher Airlines. It highlights that Mallya is speaking publicly for the first time in nine years on the "Figuring Out" podcast. The intro emphasizes that the episode aims to ask tough questions and understand Mallya's perspective, not to glorify or justify any wrongdoing. It mentions Mallya's claims of never committing fraud, wanting to repay loans, and being framed, while also noting his readiness to face consequences if given a fair trial.
First Media Interaction After 9 Years
Raj Shamani asks Vijay Mallya why he chose to speak out after nine years of silence. Mallya explains that he had been subjected to a "vicious, relentless trial by media" in India, leading to negative narratives and public anger. He preferred to remain silent rather than confront the media. He mentions being inspired by President Trump's inclusion of new media in press briefings, leading him to see the podcast as an opportunity to truthfully answer questions that legacy media in India would misreport. Mallya also points out that the Indian government has acknowledged recovering ₹14,100 crores from him, which the media can no longer ignore.
Childhood & Strict Upbringing
Shamani transitions to Mallya's childhood, asking about his early life before the controversies. Mallya describes his upbringing in Kolkata and Bangalore as normal but strict under his father. He recounts an incident in class nine when his poor grades led his father to warn him that he wouldn't inherit the business if he didn't improve and that socialist policies might leave nothing to inherit but his education. Mallya denies being spoiled, stating he worked as a management trainee for ₹400 a month while in college. He addresses stories of him driving a fancy car and being a showoff, clarifying he owned a secondhand Standard Herald and wasn't trying to show off.
Building Alcohol Brands
Mallya discusses India's media-dark environment for alcohol advertising and how he navigated it. He recalls how his father bought alcohol brands when Morarji Desai announced prohibition. He explains how he gave Kingfisher a colourful personality, using surrogate advertising to promote the brand. He talks about how he became the brand ambassador himself.
Father's Style vs My Style of Doing Business
Mallya compares his management style to his father's. He describes his approach as decentralized with accountability, holding monthly operating review meetings. He contrasts this with his father's hands-on, micromanaging style. Mallya notes that his decentralized approach allowed him free time, enabling him to acquire Berger Paints and become a non-resident Indian in 1988.
The Flamboyant Vijay Mallya
Shamani questions Mallya about his flamboyant image and whether he tweaked his speeches to create headlines. Mallya denies seeking headlines, stating the media created the narrative around him. He defines flamboyance as loving and appreciating the good things in life. He compares himself to other industrialists of his time, noting that as a young group chairman, his passions differed from his older contemporaries. He clarifies that he spent his own money and lived his life the way he wanted to.
Building Kingfisher: King of Good Times
Mallya discusses building the Kingfisher brand, emphasizing that he was a brand ambassador, not the person who labeled himself the "King of Good Times." He explains that the personality he gave Kingfisher, promoting sport, fashion, and music, resonated with youngsters and made the brand successful. He shares that when he took over, Golden Eagle was the largest beer company, but Kingfisher now controls almost 52% of the market.
Acquiring Berger Paints
Mallya explains his decision to buy Berger Paints, noting that British Paints India was part of the Hex Group, and his father was chairman. He became chairman after his father's death and learned about the paint business. He had also worked in a Berger Jensen Nicholson paint factory in England. He bought the global Berger Paints, headquartered in England, to create India's first multinational company. He later sold the business in 1996, making a profit.
Relationship with My Mother
Mallya discusses his relationship with his mother, who raised him and has been a constant support. He mentions telling her about the profit he made from selling Berger Paints, so she wouldn't complain when he spent it on things like a yacht or a plane. He shares that she never complained. He learned from his mom not to waste time arguing and to use time productively.
Rise & Fall of Kingfisher Airlines
Mallya recounts the story of starting Kingfisher Airlines in 2005, clarifying that the idea came from the Damani brothers, not as a birthday gift for his son. He aimed to provide the best flying experience in India, connecting previously unconnected places. He defends the airline's business model, stating it started as a low-cost carrier with inflight entertainment and meals. He attributes the airline's downfall to the global financial crisis, high fuel costs, and government policies that prevented foreign investment.
Founding Royal Challengers Bangalore (RCB)
Mallya discusses buying the IPL team RCB, explaining it was a business decision to promote Royal Challenge whiskey. He bid for three franchises but chose Bangalore. He emphasizes it wasn't for the love of cricket but to boost his brand. He recalls picking Virat Kohli at a young age and expresses his excitement about the current RCB lineup.
Formula 1 Journey
Mallya shares his passion for motor racing and his dream of having a team on the F1 grid. He explains why he named it Force India, wanting the Indian flag to be represented. He used the platform to advertise his brands. Despite the high investment, he doesn't regret it. He had to sell it due to his worldwide freezing orders.
The Iconic Kingfisher Calendar
Mallya discusses the Kingfisher calendar, created by Atul Kasbekar, as a sought-after property. They had events around it, including a national hunt for the Kingfisher girl. He believes the calendar helped launch the careers of many successful models.
My Love for Cars
Mallya talks about his passion for cars, clarifying that he owned a couple of Mercedes, a Rolls-Royce, and a Maybach in India. He discusses his collection of vintage cars, which he restored. He shares stories about some of his favorite vintage cars, including a 1931 PS Arrow and a Rolls-Royce Silver Ghost.
Most Expensive Things I Bought
Mallya discusses expensive things he's bought, noting that a family trust set up by his father acquired various properties. He mentions properties in England, America, and France. He addresses the Kingfisher Tower bungalow in Bangalore, explaining it started as a joke with Van Razak of Prestige.
Turmoil at Kingfisher Airlines
Mallya revisits the Kingfisher Airlines turmoil, stating he went to Finance Minister Pranab Mukherjee, who advised him not to downsize. He clarifies that Kingfisher Airlines never borrowed from State Bank of India directly but acquired a loan via SBI after acquiring Deccan. He emphasizes he gave a personal guarantee and put ₹3,000 crores of UB group money into Kingfisher Airlines.
Traditional Media Backlash & Public Reactions
Mallya addresses the public anger and media backlash he faced, particularly regarding his private life and spending. He defends his actions, stating he spent his own money and that his lifestyle shouldn't be judged in isolation from his other businesses. He expresses sadness over the non-payment of salaries to Kingfisher employees, stating that the Karnataka High Court froze ₹260 crores, preventing him from paying them.
Message to Kingfisher Employees
Mallya directly addresses Kingfisher employees, apologizing for what happened and for the non-payment of salaries. He states he made every effort to pay them but was prevented by the court. He expresses sadness and takes full responsibility.
Misrepresentation & Leaving the Country
Mallya addresses allegations of misrepresentation and his decision to leave the country. He denies siphoning money, stating the CBI's allegations relate to misrepresentation and misuse of a private jet. He claims he was unaware of any Supreme Court directive requiring his presence and that he left for a pre-scheduled meeting in Geneva. He explains that his passport was revoked, preventing his return.
Biggest Challenge of Doing Business in India
Mallya identifies the biggest challenge of doing business in India as the government, citing bureaucratic and political hurdles. He recalls needing to maintain good relations with 29 chief ministers due to varying state policies on liquor. He acknowledges that politicians often sought cash, alcohol, and vehicles for their electoral campaigns.
What I’m Doing Now
Mallya describes his current life, stating he receives a modest salary from his company and has running businesses outside of India. He spends time with his dogs, keeps up with international news, and tinkers with classic cars. He notes that a lot of time is taken up by expensive legal matters.
Here’s My Justification: Check the Proofs
Mallya presents a recovery certificate from the Debt Recovery Tribunal, stating the debt was ₹6,203 crores. He shows a report where Prime Minister Modi said ₹14,000 crores had been recovered. He expresses perplexity at the discrepancy in numbers. He claims the banks haven't provided a statement of account.
I Want to Come Back to India If...
Mallya states he would consider returning to India if assured a fair trial and dignified existence. He expresses concern about the track record of the CBI and ED. He emphasizes that he did not run away but left on a pre-scheduled visit. He is fighting extradition and is ready to face the consequences if that is his destiny.
Documents
This chapter is just a placeholder for documents shown in video.
Outro
Raj Shamani thanks Vijay Mallya for sharing his story and expresses hope that the right party wins and that people see through any misinformation. He encourages viewers to keep figuring out.
