United Spirits Ltd (USL) will invite bids for its sea-facing mansion called Niladri on Napean Sea Road in South Mumbai next week, according to a Mint report.

Former USL Chairman and Promoter Vijay Mallya had used the Rs 300-crore mansion as his residence in the city.

Sources were quoted as saying the Diageo Plc-owned firm is likely to begin the procedure of auctioning the 16,000 square feet property where Mallya has held parties and Kingfisher Calendar launches. It is expected to be sold at between Rs 280 crore and Rs 300 crore.

 The mansion, which was used as a company guest house, has served as a residence for other senior executives and managers of the firm. There is a swimming pool, private lawns and a deck within the complex.

“It would be a clean transaction as the property is not under any litigation or any issue with the lenders,” the source said.

The mansion is one of 13 real estate assets that USL has decided to sell after Mallya failed to buy them back. Following his resignation in 2016, Mallya had entered into an agreement with the company that allowed him to acquire up to 13 domestic properties within a limited time period.

A Diageo India spokesperson told the paper: “The sale of these properties is in line with our plans to monetize non-core assets.”

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Properties in and around Napean Sea Road, which is one of the top notch neighbourhoods in the city, typically sell between Rs 75,000 and Rs 1.5 lakh per square feet.

The firm is also in the process of selling four floors at UB Towers spread across 31,000 square feet, which is located in Bengaluru. The company is planning to sell it for around Rs 100 crore. The tower has been used as the firm’s headquarters.

Mallya was declared a wilful defaulter by a consortium of banks led by State Bank of India (SBI) in 2016. He left the country and moved to UK and carries a debt of around Rs 9,000 crore related to the grounded Kingfisher Airlines.


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