For Vijay Mallya – India’s self-proclaimed “king of the good times” – launching an airline in India three years ago seemed like a no-brainer.

His UB group, which dominates the Indian liquor market with an estimated 55 per cent share, was barred from promoting its flagship beer, Kingfisher, by a local ban on advertising alcohol. But with Kingfisher Airlines, Mr Mallya circumvented the restrictions and tied his brand to an industry signifying the aspirations of India’s new generation.