Can Mallya save his airline?
"Clearly, he's looking for an honourable exit. If a foreign airline invests, he can seek a premium. A local partner will buy only if he gets it for a song," says an observer.
Till there's a change in FDI rules, expect Mallya to cut back operations.
For now, Mallya needs to quickly bring in funds to keep flying and get support from the banks, who also own 24 per cent of the airline (a debt recast ten months back saw them converting some of their loans into equity).
Until then, it's anybody's guess as to how long his planes can stay up in the air.
Image: Mallya seen arriving for the 2010 Monsoon session in parliament in New Delhi.