The UB Group may be facing tough competition from SABMiller who has recently bought out Fosters India, but Vijay Mallya isn't perturbed, reports CNBC-TV18.

He told shareholders at the AGM that UB Group would launch a top-end version of Kingfisher to compete with Fosters.

Mallya said that the UB Group had seen a sales growth of 22% over the last year. He also told shareholders that the company would invest Rs 400 crore in a phased manner for expansion.