United Breweries Group (UB Group)

Does the United Breweries Group still exist?
The UB Group as a unified corporate entity is effectively defunct. Its main assets have been taken over by foreign companies: Heineken controls United Breweries Limited (61.5% stake) and Diageo controls United Spirits. UB Holdings Ltd is under liquidation. Kingfisher Airlines is bankrupt. RCB was sold in March 2026.

What happened to Vijay Mallya?
Vijay Mallya left India on March 2, 2016, amid allegations of defaulting on loans totaling over Rs 9,000 crore related to Kingfisher Airlines. He was declared a Fugitive Economic Offender in January 2019. He remains in the United Kingdom, fighting extradition. Indian banks have recovered Rs 14,131.6 crore from his attached assets.

Who owns Kingfisher beer now?
Kingfisher beer is owned by United Breweries Limited, which is controlled by Heineken N.V. with a 61.5% majority stake. Heineken acquired Vijay Mallya's remaining 15% stake in June 2021 for Rs 5,825 crore.

Who owns Royal Challengers Bengaluru now?
RCB was sold by United Spirits in March 2026 to a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone's BXPE for Rs 16,660 crore (approximately $1.78 billion). The sale is subject to BCCI and Competition Commission of India approvals.

What was Kingfisher Airlines?
Kingfisher Airlines was a full-service Indian airline launched by Vijay Mallya in 2005. It ceased operations in October 2012 after accumulating losses exceeding Rs 7,000 crore and defaulting on loans from 17 banks. The airline's operating license was suspended by the Directorate General of Civil Aviation.

The UB Group's origins trace to 1857, when Castle Brewery was established in Bengaluru. In 1915, Scottish entrepreneur Thomas Leishman consolidated several breweries, including Castle Brewery, Nilgiris Breweries, Bangalore Brewing Co., British Brewing Corp., and BBB Brewery Co. Ltd., to form the United Breweries Group. The company initially brewed bulk beer for British troops in India.

In 1947, Vittal Mallya was elected as the company's first Indian director at age 22. He became chairman the following year and began a period of expansion. Under Vittal Mallya, the group acquired McDowell (spirits), expanded into pharmaceuticals and agro-based industries, and built Kingfisher into India's dominant beer brand after its launch in the 1960s.

Vittal Mallya died in 1983, and his son Vijay Mallya took over at age 28. The younger Mallya accelerated the group's expansion. He took United Spirits public, acquired Shaw Wallace in 2005 for Rs 1,300 crore to consolidate the spirits business, launched Kingfisher Airlines in 2005, and bought the Royal Challengers Bangalore IPL franchise in 2008 for $111.6 million. He also expanded internationally, acquiring Whyte and Mackay (Scottish whisky) for Rs 4,800 crore in 2007.

The group's decline began with Kingfisher Airlines. The airline accumulated losses of over Rs 7,000 crore between 2005 and 2012, funded by debt from a consortium of 17 banks. The airline's business model, which shifted from low-cost to full-service and back, never achieved profitability. It ceased operations in October 2012 after the Directorate General of Civil Aviation suspended its operating license.

In 2012, Diageo agreed to acquire a controlling stake in United Spirits from Mallya for approximately $2 billion. The deal completed in stages through 2013 and 2014, giving Diageo 54.8% of United Spirits. Mallya resigned as chairman of United Spirits in February 2016 as part of a settlement with Diageo, receiving a $75 million severance payment that was later challenged by banks.

Mallya left India on March 2, 2016. The Enforcement Directorate filed money laundering cases against him. In June 2021, Heineken acquired Mallya's remaining 15% stake in United Breweries Limited for Rs 5,825 crore, increasing its total holding to 61.5% and ending the Mallya family's association with the beer business.

In March 2026, United Spirits sold its 100% stake in Royal Challengers Sports Private Limited (RCB) to a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone's BXPE for Rs 16,660 crore (approximately $1.78 billion) in an all-cash transaction. This divestiture concluded the dismantling of the UB Group's major assets.

Vijay Mallya loan default and extradition. The defining controversy of the UB Group is the loan default by Kingfisher Airlines. A consortium of 17 banks led by the State Bank of India lent approximately Rs 9,000 crore to Kingfisher Airlines. The airline defaulted and ceased operations in 2012. Mallya left India on March 2, 2016, and was declared a Fugitive Economic Offender in January 2019 under the Prevention of Money Laundering Act. India has been seeking his extradition from the United Kingdom since 2018. Mallya has exhausted legal appeals against extradition but remains in the UK, reportedly pending resolution of "confidential" legal matters widely understood to be an asylum application. In February 2026, Mallya missed a Mumbai High Court deadline to appear in person to challenge his Fugitive Economic Offender status.

Asset recovery. The Enforcement Directorate attached Mallya's properties across India and abroad. As of 2025, properties worth Rs 14,131.6 crore have been restored to public sector banks, more than twice the Rs 6,203 crore awarded by the Debt Recovery Tribunal in 2017. Mallya has claimed in court filings that banks have recovered multiple times what was owed and has sought account statements from the Debt Recovery Officer. The Karnataka High Court issued notices to banks in February 2025 to provide recovery details.

Diageo severance dispute. When Mallya resigned as chairman of United Spirits in February 2016, Diageo agreed to pay him $75 million in severance. Indian banks challenged this payment in court, arguing that the money should be directed toward loan repayment. The UK courts later froze the payment as part of bankruptcy proceedings against Mallya.

UB Holdings liquidation. UB Holdings Ltd, the group's holding company, is under liquidation in the Karnataka High Court. The liquidation process has been complex, involving multiple creditors, cross-claims, and disputes over asset valuations. The companycheck data shows UB Holdings had total assets of Rs 9,692.57 crore as of FY2026, though this figure may include assets subject to creditor claims.