Interups of US picks up 49% stake in regional airline TruJet

HYDERABAD: US-based investment firm

Interups

Inc has picked up a 49% stake in

Turbo Megha Airways Pvt Ltd

, which operates regional carrier Trujet, through the FDI (foreign direct investment) route.


However, the quantum of investment being pumped into

Turbo Megha

by the New York-based Interups could not be ascertained.

The funds raised from Interups will be utilised to expand TruJet operations pan-India as well as to explore newer opportunities in the civil aviation sector, Interups Inc chairman Laxmi Prasad and KV Pradeep, group director, Megha Engineering & Infrastructures Ltd, said in a joint statement.

“We will finalise the exact final amount at a later stage,” they added.

Once the deal is completed, Hyderabad-based MEIL’s stake will come down to 51% in Turbo Megha Airways.

TruJet currently operates flights to 21

destinations

, including tier-2 cities, under the UDAN (Ude Desh ka Aam Nagrik) scheme with a fleet of seven ATR aircraft.

These include destinations like Hyderabad, Mumbai, Aurangabad, Chennai, Goa, Bangalore, Tirupati, Vijayawada, Kadapa, Rajahmundry, Ahmedabad, Porbandar, Jaisalmer, Nashik, Jalgaon, Cooch Behar, Buranpur, Tezu, Mysore, Bidar, Belagavi, Vidyanagar, among others.

In fact, TruJet is the only airline to operate on the Hyderabad-Aurangabad sector.

TruJet has ferried over 28 lakh passengers to different parts of the country since its inception in July 2015.

It may be recalled that Interups was one of the players in the race for ailing national carrier Air India and had put in a bid along with 209 Air India employees. However, in December 2020, Interups pulled out of the race due to some legal issues.


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