Vijay Mallya, the Indian entrepreneur, is preparing to sell 25 per cent of his Kingfisher airline to a foreign rival as the Indian aviation industry continues to haemorrhage cash. Mr Mallya says he has received several expressions of interest in India's second-largest private carrier, which only weeks ago defied the worst industy conditions in years when it went head-to-head with British Airways and launched its first international service, between Heathrow and Bangalore. The flamboyant businessman is also locked in talks with Diageo, the British drinks giant, to explore the divestment of a stake in United Spirits, his drinks business, which is the world's third largest producer of spirits. Mr Mallya has been among the hardest hit of India's mega rich in the wake of the global credit crunch. Last week, he suffered the...
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