Mallya boards US Epic

VLJs (very light jets), small four to eight seater jets that have been creating a flutter in corporate America, have a new backer. Liquor baron Vijay Mallya is picking up a 50% stake in Epic Aviation, the Bend Oregon-based small aircraft manufacturer.

For the past two years, business aircraft circles, particularly in the US, have been bullish about the new planes that are being manufactured through disruptive technologies with new engines, avionics and materials.

Speaking to ET, he said “Epic is an outstanding global business opportunity as they have four world beater aircraft. There is a growing demand for business jets in the region, that we hope to tap,” Mr Mallya, a pilot with a multi-engined rating and close to 2,000 flying hours, flew the aircraft earlier last month. He refused to comment on the investment in the venture.

Epic has recently experienced an unprecedented surge in sales, booking orders more than $23 million at the Sun n Fun fly in April this year. It also sold aircraft worth $40 million three months later at AirVenture in Oshkosh, Wisconsin, said a company release.

(Source: Economic Times