Industrialist Vijay Mallya’s Kingfisher Villa in Goa has been sold to Viiking Media and Entertainment, a company owed by actor-businessman Sachiin Joshi, The Economic Times reported on Saturday. State Bank of India chief Arundhati Bhattacharya confirmed the sale of the property, but did not specify the buyer’s identity. Joshi is believed to have paid Rs 73.01 crore, a little more than the last reserve price of Rs 73 crore.
Banks are allowed to search for buyers if an auction fails. In May 2016, a bankers’ consortium led by the SBI had taken possession of the former liquor baron’s villa in Candolim, which is worth Rs 90 crore. The consortium is trying to recover the Rs 9,000 crore that Mallya owes the banks.
Joshi’s website describes him as the vice president of the JMJ Group of Companies, which is the “holding company for all his diverse business interests”, including hospitality, real estate and fitness centres. The company’s ventures include Goa Nicofix Chewing Gum, Viking Trance, Life Packaged Drinking Water among others, the website said. The company has also acquired Goan beer brand, Kings.
On March 9, Mallya had told the Supreme Court that he did not have enough money to pay the Rs 9,000 crore he owes banks in the country. Mallya is embroiled in a number of cases in India. In November 2016, he was declared an absconder by a special court that deals with cases under the Prevention of Money Laundering Act. The same month, India had asked United Kingdom, where Mallya is believed to be residing since March 2016, to extradite the industrialist under the Mutual Legal Assistance Treaty. On January 31, a special CBI court had issued a non-bailable warrant against Mallya.
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