India's Mallya may buy stake in Epic Aircraft-paper

MUMBAI, Sept 3 (Reuters) - Indian businessman Vijay Mallya plans to buy a controlling stake in U.S.-based Epic Aircraft for about $200 million, the Mint newspaper said on Monday.

"I am in talks with Epic promoter," Mallya told the paper.

Epic makes private business jets. A joint announcement by Mallya and Epic is expected by the end of the month, the newspaper said, citing a source close to the development.

Mallya's UB Holdings (UBHL.BO) controls Kingfisher Airlines and owns 26 percent in Deccan Aviation Ltd DECA.BO, which operates discount carrier Air Deccan.

Together, the two airlines have about 30 percent of India's fast-growing domestic aviation market.