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Vijay Mallya says in talks to sell stake in ailing Kingfisher Airlines

MUMBAI -- Indian billionaire Vijay Mallya said Wednesday he was in talks with a foreign carrier to sell a stake in his ailing Kingfisher Airlines after the government relaxed foreign investment rules.

“Yes, we are in talks,” Mallya told media in Bangalore ahead of Kingfisher's annual shareholders meeting, while declining to give any names.

India this month allowed foreign airlines to buy stakes of up to 49 percent in domestic carriers, a long-pending policy reform that could save debt-laden Kingfisher, which is in desperate need of funds.

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