Vijay Mallya is ready to return to India, he told the United Breweries board via video conferencing. The UB board and its strategic partner Heiniken are backing Vijay Mallya completely, a report in India Infoline said. Mallya told the United Breweries board that he is willing to repay the loans in full and is in serious negotiations with his lenders to reach an acceptable settlement offer. "Mallya has assured us that he is in serious negotiations with the banks to repay the loans as soon as possible. The move to seek details from more banks indicates widening of the probe into the Mallya saga.

Source: dna May 15, 2016 23:00 UTC