Indian tycoon Mallya ‘prepared to settle debts’

‘We wish to settle at a reasonable number that we can afford and banks can justify on the basis of settlements done before’

LONDON: Former Indian airline boss Vijay Mallya said he is prepared to settle millions of dollars owed to banks after the collapse of his firm, in an interview published Friday in the Financial Times.

“But we wish to settle at a reasonable number that we can afford and banks can justify on the basis of settlements done before,” he told the business daily, which gave a figure of #440 million (565 million euros/$645 million).

Mallya, a part-owner of the Force India Formula 1 team who used to run a liquor empire, left India on March 2 owing more than $1 billion, and an Indian court last week issued a warrant for his arrest.

India also revoked his passport, after he repeatedly failed to appear before investigators looking into financial irregularities at Kingfisher Airlines, which ceased operating in 2012 leaving millions of dollars in unpaid bills. Read more...

Source: gulfnews.com

Image Credit: PTI