Vijay Mallya Says He's "In Talks"; Others Say It's A Done Deal

In a report which appears to confirm rumors surrounding Kingfisher Airlines CEO Dr. Vijay Mallya's surprise appearance at Epic Aircraft's press event at Oshkosh 2007, on Monday The Mint newspaper reported the flamboyant airline executive plans to invest some $200 million in the expanding aircraft manufacturer.

"I am in talks with Epic promoter," said Mallya this weekend.

The offices of Epic parent company Aircraft Investor Resources, Inc. were closed for the Labor Day weekend, so the Mint was unable to confirm the deal on the planemaker's end. However, another source familiar with the deal said paperwork was recently signed.

"Mallya recently flew to US in his private jet and met Epic Aircraft CEO Rick Schrameck to sign this deal," the unnamed source said.

If true, the investment would amount to a significant shot in the arm for Epic, as it works to transition from a fledgling homebuilt aircraft manufacturer, to a producer of certified turboprop and turbofan aircraft.

As ANN has reported, Epic's product line has swelled in recent years... growing from the company's original Epic LT kit turboprop offering, to the Dynasty -- essentially a certification-spec LT -- and, most recently, the single-engine Epic Victory light jet and the Elite twin-engine VLJs.

The Bend, OR-based company plans to first obtain Canadian certification for the Dynasty, Elite and Victory -- as well as its proposed Escape turboprop -- before pursuing FAA approval.

Known for his penchant for the flamboyant in his capacity as CEO of Indian low-cost carrier Kingfisher, Mallya rose to prominence as former chairman of United Breweries, India's largest brewer and second largest in the world.

An unnamed senior executive with United Breweries reportedly told the Mint Mallya (above) invested in Epic as a personal endeavor, one not connected with UB or Kingfisher.

"Apart from civil aviation interests in Kingfisher Airlines, Mallya has special interest in general aviation, especially in corporate jets," notes another UB Group official.

FMI: www.epicaircraft.com, www.flykingfisher.com