Bad Times Worsen For Vijay Mallya — Kingfisher Sells Off The Boss' Cars

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Till recently, any of Vijay Mallya's debtors trying to extract their pound of flesh from the England-based runaway millionaire got absolutely no attention when they put some of his stuff up for sale.

However, when Kingfisher, the company he once owned put up 30 of his cars up for auction online, the bidders were fast and furious in their bidding as they tried to gain control of some rare cars.

30 of Mallya's vintage cars were put on the auction block as Global liquor giant Diageo, which controls controlled United Spirits Ltd tried to reduce the company debt, which stood at nearly Rs 4,000 crore as on March 31, 2016.

The online auction on August 25, was said to be the first of its kind in India and it saw a 1903 Humber, said to be the oldest car in India, sold for Rs. 1 Crore while a vintage British Lancaster sold for Rs. 2 Crore. The auction apparently went on till 4 am the next day due to the aggressive bidding.

Other cars that were sold at the auction include vintage cars from Rolls-Royce, Lancia, and Wolseley while newer cars like a Bentley Turbo R and a 2010 Rolls Royce Phantom were also sold. Of the 30 cars on sale, eight fell into the vintage category and all eight were sold.

The oddball of the auction, a 2010 Maruti Suzuki Ritz was also sold

Via ET Auto

Read more on: #off beat
Story first published: Monday, August 29, 2016, 16:05 [IST]
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