Mallya picks up 50% stake in US jet maker Epic

Liquor baron Vijay Mallya has acquired 50 per cent stake in US private jet maker Epic for $120 million (about Rs 480 crore).

Liquor baron Vijay Mallya has acquired 50 per cent stake in US private jet maker Epic for $120 million (about Rs 480 crore). The investment by the UB Group chief is in his personal capacity and marks his second such acquisition after a 50 per cent stake in Dutch Formula 1 team Spyker.

Both the acquisitions match up to the flamboyant image of the Bangalore-based industrialist, whose domestic airline Kingfisher is seeking permission to fly global. Mallya himself flies in a 20-odd seater personal jet, converted from a 140-seater 727 Boeing-with an in-flight bar.

US-based Epic Aircraft makes private business jets with single and twin engines, capable of carrying six-seven people. The deal provides Epic the ability to accelerate the process of bringing the company’s growing line of aircraft to the certified market, as well as strengthening the company’s relationships with customers and vendors worldwide.

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“It’s a great relationship… Vijay has already brought Airbus into the role of consultants for our certification programs,” Rick Schrameck, president and CEO of Epic Aircraft, said in a statement.

“Mallya has a significant interest in our company, and we will immediately benefit from his relationships with a variety of companies, including Airbus and Pratt & Whitney,” Schrameck added.

Epic is in the advanced stages of flight testing for the Dynasty, the 1200hp single-engine turboprop. It recently unveiled two new very light jets, the twin-engine Elite and the single-engine Victory. In April this year, Epic Aircraft registered 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 Wisconsin.

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 India in hosting a Grand Prix.