Mallya acquires 50% stake in Epic Aircraft
Mallya acquires 50% stake in Epic Aircraft Vijay Mallya, chairman, United Breweries (Holdings), has bought a 50% strategic stake in the US based aircraft company, Epic Aircraft for USD 120 million (about Rs 4.80 billion), reports Business Standard. Epic Aircraft, a unit of Aircraft Investor Resources, manufactures private business jets with single and twin engines, capable of carrying six to seven people. It entered the very light jet (VLJ) segment recently and now offers high-end business jets. Mallya has invested in Epic in his personal capacity. Mallya`s initial focus would be on the US market, which is the largest with 11,000 of 14,000 business jets in the world. >Epic is said to have secured orders worth USD 63 million at two recent shows in the US, where the company introduced the VLJs, the single-engine Victory and the twin-engine Elite.
Shares of United Breweries (Holdings), declined Rs 5.00, or 0.62%, to trade at Rs 807.15. The total volume of shares traded was 11,615 at the BSE.(Wednesday).
