Kingfisher Chief To Invest $200M in Epic Aircraft?
“Stay tuned–it’s going to be an interesting company,” Epic Aircraft CEO Rick Schrameck told AIN today, confirming speculation that he has been in talks with Vijay Mallya, chairman of Kingfisher Airlines parent company UB Group, about Mallya acquiring a controlling stake in the start-up aircraft manufacturer. Schrameck called the talks “fruitful” and nearly finalized, adding that he and Mallya will reveal more details about the deal later this month during a press conference at the NBAA Convention in Atlanta. Mallya has told business newspaper Mint that he will invest $200 million in Epic Aircraft, which would fund the company’s ambitious plans to certify and produce its Dynasty turboprop single, Victory jet single and Elite twinjet. Schrameck wouldn’t confirm or deny this figure, but said the investment would bring Epic Aircraft to a “new level,” adding, “This is a significant effort that will make Epic a major player in GA aircraft manufacturing.” Epic reported orders worth $40 million during EAA AirVenture in Oshkosh, Wis., in late July, and in April it claimed $23 million in sales at Sun ’n’ Fun in Lakeland, Fla.