Mallya plans to buy Air Sahara

Kingfisher Airlines chief Vijay Mallya on Saturday said the company would make a bid to buyout the entire stake in Air Sahara.

"We will make an offer for the entire stake," Mallya said on the sidelines of a CII conference in New Delhi.

Asked to comment on the valuation of Air Sahara, estimated to be between $750 million and $1 billion, he said "the current valuation of Air Sahara given by Ernst & Young is over the top. Our valuation does not come closer to this."

Asked whether Kingfisher would continue with the Air Sahara brand if it was successful in buying out the Airlines, he said, "It makes no sense when we have Kingfisher, to continue the Air Sahara brand as well".

"We don't need brand what we need is scale, which acquisition of Air Sahara will provide us," he added.