Vijay Mallya in talks to settle debt with lenders

Liquor baron Vijay Mallya said he has been in talks to enter into a one-time settlement with state-run banks, to which his now-defunct carrier Kingfisher Airlines owes more than $1 billion.

Mr. Mallya last month stepped down as chairman of India's top spirits company United Spirits Ltd, ending months of acrimony with the company's new owner, Britain's Diageo Plc .

The businessman, who also owns India's largest brewer United Breweries, has been under pressure from banks to repay debts since Kingfisher Airlines stopped flying in 2012.

Mr. Mallya said in a statement late on Sunday that he had three meetings with lenders to discuss settlement of debt by making additional payments to the banks.

"I have had three meetings and follow-up calls in the recent past, and my efforts will continue," Mr. Mallya said.

Banks have recovered an aggregate 24.94 billion rupees, Mr. Mallya said.

The United Spirits board began a process last April to remove Mr. Mallya as the company's chairman due to alleged financial irregularities. Mr. Mallya denied the allegations and refused to resign.