Pawar admits to owning stake in UB group: Report
In the latest revelation, reports say that Union Agriculture Minister Sharad Pawar holds shares in the Baramati Grape Association, a subsidiary of Vijay Mallya-owned United Breweries (UB) Group. Unfolding drama | Isolated & Pawar-lessdelhi Updated: Jun 07, 2010 09:18 IST
In the latest revelation, reports say that Union Agriculture Minister Sharad Pawar holds shares in the Baramati Grape Association, a subsidiary of Vijay Mallya-owned United Breweries (UB) Group.
According to TheTimes of India, Sharad Pawar and family own over 51,000 shares (0.05 pc of the company's total equity) in Vijay Mallya's United Spirits Ltd (USL), of which Royal Challengers Sports Private Ltd (RCSPL) is a wholly-owned subsidiary. The shares are currently valued at about Rs 6 crore.
In 2006, the Baramati Grape Industries was merged with the USL, resulting in transfer of shares to the Pawar family -owned Lap Finance and Consultancy Pvt. Ltd.
The Pawars' shareholding in USL amounts to roughly 0.05 pc of that company's equity. This holding arose out of the merger in 2006 of Baramati Grape Industries Ltd - in which the Pawars had a significant stake and where his brother was a director - with USL, says the report.
Reportedly, these shares are mostly held through Lap Finance and Consultancy Pvt Ltd, a family company of the Pawars.
The Pawars also own shares in Pune-based City Corp, which was one of the bidders for the second round of IPL franchise auctions, reports say.
Meanwhile, the UB Group Chairman Vijay Mallya has denied the claim that the Pawar family holds shares in the Royal Challengers Bangalore.
First Published: Jun 07, 2010 09:08 IST