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Vijay Mallya's iconic Kingfisher Villa in Goa to be renamed

India TV Business Desk Panaji 18 Apr 2017, 16:15:04 IST
India TV Business Desk

The sale of Vijay Mallya's iconic Kingfisher Villa in North Goa's Candolim beach village after three failed auctions by an SBI-led consortium of 17 banks to actor-producer Sachin Joshi for Rs 73 crore is set for a fresh twist. 

Speaking to reporters during the unveiling of the three-acre property, Joshi, the new owner of the property, today hinted that the iconic villa would in fact be renamed. 

Joshi, who is the promoter of Viiking Ventures Pvt. Ltd., said that a change of name was an eventuality though he has not finalised any name for the palatial villa as of now.

Read More: Vijay Mallya arrested in London 

"Eventually it should, but there is no plan as such as of now. I have not yet finalised any name as such," Joshi said. 

The villa, when owned by Mallya, hosted some of the most extravagant parties, before the flamboyant baron who owes banks thousands of crores of rupees fled the country. 

Joshi bought the Kingfisher Villa for Rs 73 crore in an auction conducted by the banks to whom Mallya owed money. 

"I am very happy to be here and I am feeling nice coming here for the first time... It's a good feeling. It's a very positive feeling and I guess it’s a mixed bag at this moment. Whatever it is in the future, I will definitely let you know," Joshi said.

The property sale comprises a part of the recoveries of the Rs 9,000-crore plus amount including loan and interest outstanding from Mallya, who was arrested in London today. 

The Pune-based JMJ Group of Industries belongs to Jagdish Mohanlal Joshi, while his son Sachiin owns the Viiking Ventures Pvt. Ltd., headquartered in Andheri, Mumbai. 


It is a media and entertainment conglomerate which has varied business interests in beverages, including mineral waters and Goa strong beer, media, spas, hospitality and healthcare. 

The Kingfisher Villa, reportedly worth around Rs 100 crore, is built on a three acre plot and comprises of magnificent bedrooms, artificial ponds and private swimming pools, open air dance floors, lush green gardens, etc.