The UB Group was founded in 1857 in India and is best known for its Kingfisher beer brand. It was led by Vital Mallya and later his son Vijay Mallya. Vijay Mallya expanded the business to include Kingfisher Airlines in 2005. However, the airline struggled financially and accumulated over $1.27 billion in losses by 2012, grounding half its fleet and facing staff strikes. Mallya also owns Kingfisher yachts and has made large investments in horse racing and the Indian Premier League cricket tournament through his conglomerate.