IT MIGHT be considered the latest blow to his troubled empire, but India’s Kingfisher Airways tycoon Vijay Mallya professed relief on Friday (October 26) at losing his billionaire ranking in Forbes magazine.
Mallya, known as the “King of Good Times” and the owner of a Formula One team, dropped to 73rd place in India’s rich list on Thursday (October 25) with a net worth of $800m (£496.63m), down from $1.1bn (£682,925) last year, the US publication’s website said.
“Thanks to the Almighty that Forbes has removed me from the so called billionaires list. Less jealousy, less frenzy and wrongful attacks,” Mallya wrote on Twitter to his nearly 1.5 million followers.
His comments came after staff at his grounded airline agreed to go back to work on Thursday, ending a strike over not being paid for more than six months.
Kingfisher workers agreed to the management’s new offer that they would receive at least four months’ worth of unpaid salaries by Christmas, sending stocks up 4.59 percent to Rs11.40 ($0.20/£0.13) in morning trade on Friday.
But its planes cannot take off again until the firm persuades Indian aviation regulators to reinstate its flying licence, which was suspended last week. The company still owes billions in taxes, airport fees and salaries.
Mallya’s flagship United Breweries (UB), India’s biggest brewer, is also in talks to sell a stake of its liquor empire.
The cigar-puffing Mallya, 56, has come under criticism for his flamboyant lifestyle in contrast to the struggles of his staff.
“King of good times' is having nothing but bad times lately,” his Forbes profile said.
His “Force India” Formula One team is set to race this weekend at the Indian Grand Prix in New Delhi and reports said Mallya was expected to attend, after much media speculation over his whereabouts in recent weeks.
