KKR, Blackstone may buy Mallya’s UB Towers for Rs 650 cr

According to reports, one of these two PE firms may acquire Mallya's real estate property for Rs 650 crore.

Updated: May 01, 2012, 12:40 PM IST

Zeebiz Bureau

New Delhi: Cash strapped Vijay Mallya’s UB Holdings Ltd is in talks with private equity funds Blackstone and Kohlberg Kravis Roberts to sell some of its office spaces including UB Towers, a newspaper reported on Tuesday.

According to reports, one of these two PE firms may acquire Mallya's real estate property for Rs 650 crore.

The UB Tower in Bangalore, which Mallya is looking to sell, is occupied by companies like Apple, Citibank, and Yahoo.

A UB Group spokesman, quoting Mallya, denied the company was in talks to sell the real estate space, the paper reported.

UB Holdings, owned by Mallya, is part of the UB Group that owns majority of United Spirits and United Breweries, apart from debt-laden carrier Kingfisher Airlines, which is desperately looking for funds to continue operations.