UB Group's new venture

Mallya’s UB Group will hold a 55% stake in UB City -the Collection, a Bangalore shopping mall exclusivelyretailing luxury brandsAfter starting a premium airline and buying one of the world’s oldestscotch-whisky makers, flamboyant Indian tycoon Vijay Mallya announcedon 6 November a new venture in high-end retail.
Mallya’s UB Group, the world’s third-largest maker of alcoholic spirits,will hold a 55% stake in UB City - the Collection, a Bangalore shopping mallexclusively retailing luxury brands, the company said on 6 November.
Mallya, 51, the self-styled "king of good times," managed to rope in France’sLouis Vuitton as one of the anchor tenants of the mall, to be located on No. 1,Vittal Mallya Road, named after his late father and due to open in early 2008.
"It has been purely driven by the vision of Mallya, who calls it a valueproposition," said Irfan Razack, chairman and managing director of theproperty group Prestige, which will hold the remaining 45% stake inthe venture.
"It will be an iconic landmark of Bangalore -- like what the PetronasTowers is to Kuala Lumpur," said Razack, estimating the cost of theproject at Rs300 crore ($76.26 million). "It will be an opportunity totap high networth individuals."
Other brands who have signed on for space in the 1.5 million squarefeet complex are Gucci, Fendi, Mont Blanc, Van Cleef & Arpels, Zegna,Rolex and Omega.
The Venetian-style project will include a 250-room JW Marriot hotel,serviced apartments and office space, already leased to Citigroup,Toyota, ABN Amro, Jones Lang LaSalle, 3M, Ernst and Young and Yahoo!.
Mallya this year splurged 595 million pounds (869 million euros, $1.181billion) to buy Whyte and Mackay, a 163-year-old scotch whisky maker,two years after starting an airline named after his flagship beer, Kingfisher