Indian businessman Vijay Mallya plans to buy a controlling stake in U.S.-based Epic Aircraft for about $200 million, the Mint newspaper said on Monday.
“I am in talks with Epic promoter,” Mallya told the paper.
Epic makes private business jets. A joint announcement by Mallya and Epic is expected by the end of the month, the newspaper said, citing a source close to the development.
Mallya's UB Holdings controls Kingfisher Airlines and owns 26 percent in Deccan Aviation Ltd , which operates discount carrier Air Deccan.
Together, the two airlines have about 30 percent of India's fast-growing domestic aviation market. (Reuters)