UB Group announced on Tuesday a new veture in high-end retail

After starting a premium airline and buying one of the world's oldest scotch-whisky makers, flamboyant Indian tycoon Vijay Mallya announced on Tuesday a new venture in high-end retail.
Mallya's UB Group, the world's third-largest maker of alcoholic spirits, will hold a 55% stake in UB City - the Collection, a Bangalore shopping mall exclusively retailing luxury brands, the company said on Tuesday.

Mallya, 51, the self-styled "king of good times," managed to rope in France's Louis Vuitton as one of the anchor tenants of the mall, to be located on No. 1, Vittal Mallya Road, named after his late father and due to open in early 2008.

"It has been purely driven by the vision of Mallya, who calls it a value proposition," said Irfan Razack, chairman and managing director of the property group Prestige, which will hold the remaining 45% stake in the venture.

"It will be an iconic landmark of Bangalore -- like what the Petronas Towers is to Kuala Lumpur," said Razack, estimating the cost of the project at three billion rupees (76.26 million dollars). "It will be an opportunity to tap high networth individuals."

Courtesy:timesofindia.indiatimes.com
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