GREATER NOIDA, India (Reuters) - Embattled Force India team boss Vijay Mallya made his Indian Grand Prix entrance in combative mood on Saturday, lashing local media for their coverage of his business troubles and grounded Kingfisher airline.

Kingfisher Airlines Chairman Vijay Mallya speaks on a mobile phone amid his security personnel on guard during a meeting with the debt-laden airline's pilots in New Delhi March 15, 2012. REUTERS/Parivartan Sharma

The liquor and aviation tycoon, no longer a billionaire according to the latest Forbes list, flew in from London on his private Airbus after suggestions that he might stay away to avoid having it impounded.

"Was there any doubt about my presence here?" he told Reuters, minutes after walking through the paddock turnstiles with cars roaring around the Buddh circuit as final practice got under way.

Mallya's Kingfisher Airlines had its licence suspended by India's civil aviation authorities last week and has not flown since the start of October after a protest by employees, unpaid since March, turned violent.

The airline has never turned a profit and, according to the consultancy Centre for Asia Pacific Aviation, has total debt estimated at about $2.5 billion.

Mallya has not been seen in India for weeks and the airlines troubles, as well as a threat of protests by Kingfisher employees outside the Formula One circuit, have led to speculation about whether he would return for the race.

"You believe that Indian papers have any credibility?," said Mallya, bristling when asked about the recent coverage of his affairs.

"There is no libel law in India so there is nothing you can do to bring them to book," he added, accusing his media critics of 'cooking up sensational headlines daily' and writing nonsense.

"Obviously if I am not at my home grand prix, why should I be anywhere else?"

REBUKES DOUBTERS

Mallya is an important figure in Formula One, a longtime friend of F1 supremo Bernie Ecclestone and sitting on the governing International Automobile Federation's world motor sport council.

He was also instrumental in bringing the sport to the country and co-owns the first and only Indian-licensed team.

"Why should there be even one iota of doubt that I wouldn't be here? I just don't understand it," he said. "Kingfisher Airlines is a Plc. They (the local media) don't understand the concept of a Plc.

"In a Plc where is one man, who might be the chairman, responsible for the finances of the entire Plc? And what has it got to do with all my other businesses? I have built up and run the largest spirits company in the world in this country."

Asked whether he had flown to India on his plane, Mallya vented more frustration.

"You are probably referring to my plane being seized? Wonderful. I don't owe anybody money," he said. "Why should my plane be at risk. It's so stupid."

Mallya also controls United Spirits, which is in talks to sell a stake to UK giant Diageo Plc, and flagship liquor business United Breweries.

Asked about the Diageo talks, Mallya said no deal had been done yet: "Whenever we need to say something we will, we keep discussing but we don't know whether a deal will happen or not," he added.

(Editing by John O'Brien)

• Please wait.

• Nadal seeded a dangerous fifth for Wimbledon
• Forgotten man Bastl revelling in 'new career'
• Indian GP organisers dismiss race rumours
• Contador has solid support but no Dane in Saxo Tour team
• Murofushi ban due to "overzealous" Japan officials - CAS
• Nadal seeded five at Wimbledon
• South Africa give De Villiers deadline to prove fitness
• Andy Schleck to lead RadioShack-Leopard on the Tour
• Nadal seeded fifth at Wimbledon
• Olazabal wins Spain's most prestigious sports award