NEW DELHI: Marking a foray in Indian aviation, US-based Interups Inc has picked up a 49 per cent stake in regional carrier Turbo Megha Airways or TruJet via the foreign direct investment (FDI) route.
The financial details of the deal, however, were not disclosed as the final investment sum is yet to be finalised.
TruJet, owned by Hyderabad-based MEIL Group, began operations in 2015 and now serves 21 destinations including tier-2 cities with seven ATR-72 aircraft under India’s Ude Desh ka Aam Naagrik (UDAN) scheme.
“The funds raised through 49 per cent FDI in the company, will be utilised to expand its operations pan India and explore the newer opportunities in the civil aviation sector,” K V Pradeep, Group Director, MEIL and Palepu Lakshmi Prasad, chairman, Interups Inc, said in a joint statement on Thursday.
Earlier, it had bid for Air India but withdrew its offer as the airline’s employees were unwilling to join hands. Interups has also bid for several stressed assets including Lavasa Corporation and Reliance Naval.
It had even shown interest to acquire 49 per cent stake in AirAsia India but was rebuffed by the Tata group.
The latest investment holds significance as it comes at a time when airlines, big or small, are reeling under severe stress.