Meet Hemant Kanoria, the only man who made profit out of his loans to Kingfisher Airlines
Advertisement
Advertisement
You would not have heard the name of
Now, he is all set to sell a stake in Sahaj e-Village, while wanting Alibaba owner
He, however, didn’t shy away from comparing the Chinese ecommerce giant with Sahaj, where rural e-kiosks provide services like micro-insurance, education and utility bill payments.
"It is run by village entrepreneurs. They are partners with us. They develop and run the businesses. Instead of being job seekers, they become job creators," he said. "It is almost the Alibaba of India on a more structured manner, having both physical and technical aspects. Here we have delivery points also. We now have 30,000 centres, catering to about 300 million people."
Advertisement
Talking of his business decisions, he can give an advice or two to state-run banks who are doing everything they can to bring Vijay Mallya back to India so that they can recover loans from him. Kanoria was one of the earliest lenders who were able to recover loans from the now defunct airline, having an additional, almost equal amount to spare.
It was in July 2012 that SREI bought ICICI Bank's entire outstanding exposure of Rs 450 crore in Kingfisher and shocked everyone. However, the deal was "ringfenced," as in, it was backed with shares of United Spirits, the liquor firm that Mallya owned.
SREI held on to the shares through its global fund arm India Global Competitive Fund, right to the point when share prices rocketed because of British liquor giant Diageo announcing plans to buy USL's stake. "I think it was April-May 2014, when there was an open offer. We didn't go for the open offer but sold our shares in the market," said Kanoria.
Image source
Advertisement
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Include 4 hrs of physical activity, 8 hrs sleep in routine for optimal health, suggests study
- 11 must-visit tourist places in Nainital in 2024
- Indegene's ₹1,842 crore IPO to open on May 6
- BSE shares tank nearly 19% after Sebi directive on regulatory fee
- Nainital bucket list: 9 experiences you can't miss in 2024
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market