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Our Bureau

New Delhi, Sept 26

The promoter of Kingfisher Airlines, Mr Vijay Mallya, has acquired a 50 per cent stake in an US-based aircraft manufacturing company, Epic Aircraft Manufacturing Company, for an estimated $120 million.

A spokesman for Kingfisher Airlines said that the investment was being made by Mr Mallya in his private capacity and was not connected with the airline or any other company of the industrialist.

In a statement, the President and Chief Executive Officer, Mr Rick Schrameck, Epic Aircraft, said the deal provides the company the ability to accelerate the process for seeking certification for its growing line of aircraft, as well as strengthening its relationships with customers and vendors globally.

“Epic was really looking for a strategic partner, not just an investor. We will immediately benefit from the relationship that Mr Mallya has with a variety of companies, including Airbus and Pratt & Whitney,” Mr Schrameck said. The tie-up has already seen the European aircraft manufacturer, Airbus, joining as consultants for the certification programme for Epic aircraft.

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