Life of the Party

Vijay Mallya, chairman of the UB Group, India's largest liquor conglomerate, is getting a touchup. The businessman and flamboyant socialite—whose toys include racehorses, sports cars and soccer teams—lounges beside the swimming pool of his seaside mansion in Goa while a makeup artist brushes dye into his beard. The hues perfectly match the copper tints already gleaming in Mallya's hair. Rifle-toting security guards keep watch while his wonder-struck guests sip beer and wander about the pleasure dome's grounds.

His new highlights suitably dry, Mall-ya—known inside his palace as "Boss"—makes for the pool. Wearing red-tinted sunglasses, diamond studs and thick...

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