Mallya's advisor who warned against aviation biz, steps down from UB Group

Vijay Mallya's key adviser Ravi Nedungadi is stepping down from the United Breweries (UB) Group after over two-and-a-half decades, an Economic Times (ET) report has said.

Nedungadi is the Chief Financial Officer (CFO) of UB Group and a director on the board of UB Holdings Ltd (UBHL).

Nedungadi has decided to step down as his retirement dates nears. This is despite repeated calls from the company to extend his tenure beyond the normal retirement age, the report said. 

The decision comes at a time when the pressure has been mounting on Vijay Mallya from all sides. On Thursday, the Supreme Court is slated to hear a plea made by the consortium of banks to whom Mallya owes over Rs 7,000 crore. However, as it stands now, it is not certain whether Mallya is in the country at all. 

It is interesting to note that Nedungadi had advised Mallya in 2005 against entering the airline business, the report further states. 

Nedungadi joined the UB group in 1990 in the corporate treasury department. The chartered accountant from Kerala elevated to the position of group finance director of the international business quickly. 

He was later sent by Mallya to London to seal the Berger Paints deal which gave the Group ownership of 28 operating companies in 26 countries alongwith a liability of 60 million pounds. Nedungadi was also instrumental in getting Berger Paints listed across exchanges in Jamaica, Nairobi, Singapore and London, and in selling the entire company in 1996-97. It was this deal that brought him to Mallya's attention. 

Nedungadi was appointed as Preseident and CFO of the Group in 1998 and was then instrumental in UB's expansion in India as well as overseas through acquisitions.