The Hindu Business Line : UB offloads Bayer stake to fund Kingfisher Air

THE UB Group has offloaded its minority shareholding in Bayer India Ltd for nearly Rs 33 crore, a top company official said. The funds raised through this disinvestment will be pumped into the group's proposed low-cost airline, Kingfisher Air.

A company official said the airline project was on track and would progress independent of UB's likely bid for arch rival Shaw Wallace & Co Ltd's liquor business. "Both are unconnected," the official added. There has been speculation that the airline project could be pushed to the backburner in the wake of a serious bid for SWC business.

The Vijay Mallya-promoted UB group had acquired a minority stake in Bayer India following the merger of BayerCropscience with the flagship company. BayerCropScience, head-quartered in Germany, has been formed through the merger of Bayer's crop protection business and Aventis CropScience in June 2002.

The UB group, which used to hold a 10 per cent stake in Aventis CropScience India, has received a proportionate stake in BayerCropscience when the merger took place. Mr Mallya is the current Chairman of Bayer India board.

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