Mallya buys stake in U.S.-based small-plane maker
MUMBAI (Reuters) - Vijay Mallya, the liquor tycoon who runs United Breweries Ltd and Kingfisher Airlines, has bought a stake in U.S.-based Epic Aircraft, the latter said in a statement late on Wednesday.
EPIC, which makes light jets and turboprops, said Mallya took a "significant interest" in the company, but did not specify the exact stake or the price at which it was sold. A UB group spokesman refused to comment on the deal value.
Newspapers said Mallya bought a 50 percent stake for $120 million.
"Epic was looking for a strategic partner. Dr Mallya now has a significant interest in our company and we will benefit from his relationship with companies including Airbus and Pratt & Whitney," Epic President Rick Schrameck said in a statement.
Mallya's Kingfisher Airlines flies an all-Airbus fleet, primarily powered by Pratt & Whitney engines.
Mallya has also roped in Airbus as a consultant and the deal would help Epic accelerate the certifying process with the U.S. Federal Aviation Administration for its new models, the statement said.
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