Etihad Airways may acquire 48% stake in @Kingfisher_Airlines for around R3000 Cr, according to Mint.
Abu Dhabi-based Etihad will initially buy a 30% holding in December and a further 18% by next August.
Recently, Etihad was planning to acquire 24% stake in Jet Airways.
Mallya has been seeking a buyer from abroad to save his airline from collapse since the government in September allowed foreign airlines to purchase stakes of up to 49% in domestic carriers.
The debt-ridden airline, named after Mallya's biggest beer brand, has been struggling to survive, owing billions of dollars in taxes and payments to suppliers, lenders and employees.