They said Mallya, who is in London, is closeted with top executives, leading negotiations for a possibly complex deal to divest equity in his liquor business.
Mallya, the sources said, is keen on demanding a “control premium” if he is to surrender ownership and control over USL that reported a net profit of Rs. 343 crore in 2011-12.
Mallya holds 27.8% stake in USL. He could get Rs. 1,500 crore plus the negotiated control premium, which could help resuscitate Kingfisher. A consortium of 17 banks, to whom KFA owes about Rs. 7,600 crore, can sell off the airline’s assets but prefer giving Mallya elbow room for FDI or the option to sell stakes in his other businesses.