plan to revive the airline, State Bank of India's Chairman Pratip Chaudhuri said last week.
Few doubt Mallya's capacity to pull off another surprise, bringing in an investor to rescue the airline. He told Reuters last month that two investment bankers had been hired as part of a search for potential partners.
The timing of Mallya's deal with Diego does show some intent on Mallya's part to get the airline going, said Rajan Mehra, the India head of U.S.-based private jet operator Universal Aviation, and an aviation expert.
And if some Middle East airline decides to put its muscle behind him, with all their financial strength, expertise in running successful airline models and deep interest in the Indian market, well, it's anybody's guess.
But time is not on Mallya's side: the Indian government has warned that it will not renew Kingfisher's licence if it fails to provide a turnaround plan by the end of December.