Mallya to buy stake in US-based Epic Aircraft

Vijay Mallya, chairman of UB Group that owns Kingfisher Airlines, says that he is discussing acquiring a stake in the US-based manufacturer of private business jets, Epic Aircraft, a subsidiary of Aircraft Investor Resources LLC for about $200 million.

The business newspaper Mint today quoted the liquor baron as saying, "I am in talks with Epic promoter," Mallya told the paper.

The newspaper quotes an unnamed source close to developments who said that Mallya recently met Epic''s CEO, Rick Schrameck and a joint statement would be made later this month.

Kingfisher Airlines owns 26 per cent in Deccan Aviation Ltd, which operates discount Air Deccan (See: UB Group picks up 26 per cent in Air Deccan) and together the two own a 30-per cent stake of the Indian aviation market. Last week Mallya was in the news over the weekend for his acquisition of Dutch carmaker Spyker Ferrari''s Formula One team for $106.6 million (See: Vijay Mallya closes in on Spyker Ferrari deal) for his interest in bringing the Formula One auto event to India and over the weekend
According to Formula One''s Bernie Ecclestone he is teaming up with Mallaya to bring the auto event to India. (See: Formula One guru Bernie Ecclestone wants to put India on the circuit).