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Force India owner, sponsor plunge deeper into trouble
The owner and team principal of Force India, Vijay Mallya, has sunk deeper into the abyss in regards to his ailing airline with lenders now deciding to recover loans worth $1.4 billion from the business magnate. Mallya’s airline Kingfisher has not taken flight since October last year with the company now having failed to provide a viable funding plan to the consortium of banks to which it owed money. Sahara, which took up a 42.5 percent stake in the Formula 1 team in October 2011, is also involved in a financial battle worth $3 billion, which the Indian regulatory authority has ordered to return to its investors along with a 15 percent interest. The Indian Supreme Court had ruled...
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