Kingfisher Airlines chairman Vijay Mallya on Monday said he was keen on picking a stake in domestic budget carrier Air Deccan, but was not ready for buying out the no-frills airline.

"Am I interested? Yes. Am I imminently acquiring it? Not decided as yet," Mallya told reporters at the Indira Gandhi International Airport in New Delhi, when asked whether Air Deccan was on his acquisition radar.

Mallya, whose Kingfisher Airlines is positioned as a full service-true value carrier, had last year sought to acquire Sahara group-promoted Air Sahara. But the deal never happened due to differences over valuation.

Air Deccan is India's largest low-fare airline with over 350 daily flights and a fleet of new Airbus A320s and ATRs.

"I don't have any current plans to acquire Air Deccan," Mallya clarified.

Bangalore-based Air Deccan's spokeswoman had last week denied reports of an acquisition bid from Kingfisher, terming it as "mere speculation".