Mallya picks up 50 pc stake in US private jet maker

NEW DELHI: Continuing his overseas takeover drive, liquor baron Vijay Mallya on Wednesday acquired 50 per cent stake in US private jet maker Epic for $120 million (about Rs 480 crore).

The investment by the UB Group head is in his personal capacity and a formal announcement of the deal would be made shortly in New York.

This will be Mallya's second personal acquisition after a 50 per cent stake in Dutch Formula 1 team Spyker.

Both the Formula 1 team as also the US company match up to the flamboyant image of the Bangalore-based industrialist, whose domestic airline Kingfisher is seeking permission to fly global.

US-based Epic Aircraft is a manufacturer of private business jets with single and twin engines, capable of carrying six to seven people.

Mallya himself flies in a 20-odd seater personal jet, converted from a 140-seater 727 Boeing-with an in-flight bar.

In April this year Epic Aircraft had posted total sales figures of more than $23 million during the 7-day Sun n Fun Fly-In in Lakeland, Florida. It also booked more than $40 million of new aircraft sales during this year's AirVenture in Oshkosh, Wisconsin held in August.

Mallya's Kingfisher brand sponsors Formula 1 team Toyota Panasonic and his taking up of 50 per cent stake in Spyker is expected to help in India hosting a Grand Prix.