Mallya picks up 50 pc stake in of Epic

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 dollars (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 USD 23 million during the 7-day Sun n Fun Fly-In in Lakeland, Florida. It also booked more than USD 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.