Vijay Mallya Reveals Untold Side of Kingfisher Saga on Podcast

In a rare and candid interview after nine years of silence, embattled businessman Vijay Mallya has finally spoken out, offering his version of the events that led to the collapse of Kingfisher Airlines and his exit from India.

Speaking on entrepreneur Raj Shamani’s popular podcast Figuring Out, Mallya opened up about everything from his childhood, business journey, and brand-building prowess, to the financial collapse and personal attacks that followed.

In his first interview in 9 years, Mallya shares his version of events (File Photos: IANS)

“I have stayed silent while the media relentlessly portrayed me in a negative light,” Mallya said. “I became a lightning rod for public anger - called names, abused, and misjudged… But times have changed. With this podcast, I finally have the opportunity to share what I truly feel, which I believe has never been truthfully reported.”

Mallya said the decision to speak now came after the Ministry of Finance recently admitted to recovering Rs 14,100 crore from him. “The media can’t spin it anymore,” he remarked. “The Debt Recovery Tribunal had declared Kingfisher Airlines owed Rs 4,999 crore plus interest. As guarantor, I’ve already paid far more. So where is the fraud?”

Tracing his journey from humble beginnings in Kolkata to building a global business empire, Mallya said he grew up under a strict father who made him work for a monthly stipend of Rs 400. “No fancy toys, no spoiled upbringing,” he noted. “All this talk about fancy cars is exaggerated. I drove a second-hand Standard Herald.”

He assumed leadership of United Breweries at the age of 27 after his father’s passing. “I empowered professionals and introduced modern management structures,” he explained. “That gave me time to expand globally—Berger Paints, IPOs in Jamaica, Kenya, and Singapore.”

The conversation soon turned to Kingfisher Airlines. “The vision was to create India’s best airline, premium service, great food, in-flight entertainment,” he said.

Mallya claims to have repaid more than Kingfisher’s total debt

Mallya admitted that the global financial crisis in 2008 and rising fuel prices forced him to seek help. “I went to Finance Minister Pranab Mukherjee and told him I needed to downsize. He said no - employment and connectivity were essential. I was assured banks would support me. That’s where the problems began.”

On accusations of lavish living while employees went unpaid, Mallya clarified, “The Indian company had no funds, but our holding company abroad had commitments. My UB Group infused Rs 260 crore. International staff were paid due to legal contracts abroad.”

“I have publicly apologised for the airline’s failure,” he added. “If you were an employee and thought I was enjoying at your expense, I understand the emotion - but the fact is, I had applied to the Karnataka High Court to use Rs 260 crore to pay salaries. The banks objected, and the court refused.”

When asked about spending on Kingfisher Airlines’ services, he responded, “We believed Indians value food and entertainment. The narrative that we bled money due to extras is oversimplified.”

He also defended his investments in RCB and Force India. “Buying Virat Kohli at 20 lakhs was one of the best decisions.”

Mallya laments that he was reduced from a hero to a zero

Mallya reiterated that his luxury assets were not acquired using borrowed funds. “All were bought with personal earnings. Not a single rupee borrowed. I’m passionate about vintage cars and restored them with love.”

Reflecting on the backlash he faced, he said, “I was reduced from a hero to a zero. That’s hard to swallow. But I stand by my work. I have paid my dues, literally and metaphorically.”

When asked if he would return to India, Mallya replied: “If given a fair trial, I’m ready to return.”

This no-holds-barred interview paints a more nuanced picture of a man once seen as the flamboyant face of Indian enterprise. Whether it changes public perception remains to be seen, but Vijay Mallya has, at last, spoken. – TWL Bureau