They won’t get any money by arresting me: Vijay Mallya

NEW DELHI/BANGALORE: Embattled tycoon Vijay Mallya said on Friday he was willing to negotiate with creditors but arresting him or revoking his passport won’t help in recovering over Rs9,000 crore he owes banks.

In an interview to the Financial Times of London, Mallya said he was in “forced exile” and blamed the electronic media for “inflaming” the government. “By taking my passport or arresting me, they are not getting any money,” the industrialist told the British newspaper. The comments come a day after the government announced it asked the UK to deport Mallya.

He is facing proceedings in the Supreme Court by a consortium of 17 banks seeking repayment of loans to his now- collapsed Kingfisher Airlines. Mallya, who rose to become one of India’s most successful and colourful businessman but saw fortunes turn south last month, told FT he wanted to close a painful chapter and that the Rs9,000 crore figure was “inflated”.

We have always been in dialogue with banks... But we wish to settle at a reasonable number that we can afford and banks can justify on the basis of settlements done before. VIJAY MALLYA