Businessman-actor Sachiin Joshi has purchased the Kingfisher villa for a whooping 73.01 crores through a private treaty with the banks after three failed auctions. “The Sarfaesi Act allows banks to cut a private deal to sell the assets of a defaulter if auctions fail twice. But under the rules, the asset should be sold above the last reserve price. In this case, Viiking Media agreed to pay Rs 1 lakh more than the last reserve price,” said a Economic Times report.
However, this is not the first acquisition in Goa by Joshi but one of the many over the years. He is into a diversified fields of business which include interests in “Manufacturing and Blending of edible Perfumes and Essential Oils, Construction, Infrastructure, Hospitality and Health Clubs, Travel and Tourism, FMCG and Packaged Drinking Water, Paper Industry and Entertainment,” states one of his company website.
Joshi is the Vice-Chairman of JMJ group which owns the Goa brand of chewing tobacco. The group owns brands such as PanShahi, Santoor, Manikchand, Star, Goa, Vazir, Sitar, Sikandar.
Movie production company Viiking Media & Entertainment (owned by Joshi) has purchased the Kingfisher villa spread over 12,350 square feet or three acres at Candolim. The villa was notorious due to its earlier owner Vijay Mallya, where he used to host lavish parties.
OWNER OF GOAN BRAND KINGS BEER AND PLANET HOLLYWOOD BEACH RESORT
In 2015, Joshi had made news when his company Viiking Ventures acquired Goan beer brand ‘Kings beer’ from Impala Distillery and Brewery for 90 crores. The brand had been popular with visitors to the state. It is now sold in Maharashtra and Karnataka besides Goa under the name of ‘Goa Kings’.
Besides, the beer brand, the Businessman-actor owns Planet hollywood beach resort located in south Goa. The resort has been visited by a host of celebrities which include shah rukh Khan, R Madhavan, David Dhawan, Riteish Deshmukh, Sohail Khan, Chunky Pandey, Dino Morea, Prateik Babbar etc.
Economic Times states that he owns a minority stake in PB Lifestyle, an exclusive licence holder in India for Playboy Enterprises.