New Delhi: Vijay Mallya on Wednesday stepped down as United Spirits' chairman.
According to the agreement, Diageo will not just pay him a whooping Rs 515 crore but also absolve him of all liabilities over alleged financial lapses at the company founded by his family.
"Having recently turned 60, I have decided to spend more time in England, closer to my children," said Mallya
With him resigning from boards of all USL group firms, Mallya is no longer in a position to control IPL team Royal Challengers Bangalore.
However, his son Sidhartha will be director of the firm that runs RCB, while Mallya will become chief mentor of the franchise.
(With PTI inputs)