HYDERABAD: Turbo Aviation on Monday said a UK-based company is investing Rs 950 crore in lieu of a majority stake in the city-based aviation entity. The company will also launch a new airline called TruStar to offer services under the government’s Udaan Scheme in 2020. The airline has already been awarded 10 routes across seven states, according to Turbo.
“Our new strategic investors will not only bring more firepower and credibility to an emerging market but also can influence in their respective domain to uplift the under-vested part,” said V Umesh, founder, Turbo Aviation.
He said the firm has signed a pact with the incoming investor and will soon launch its services. The proposed carrier TruStar will have a fleet of 10 ATRs, 10 Airbus 320 and 4 Droniers. According to Umesh, they will expand the fleet size organically with new flying routes in operation.
Turbo will focus on low operating costs due to new, fuel-efficient fleet and high-density cabin configurations. The airline plans to initially connect passenger under the secured Udaan routes, with future plans to connect the country and eventually add overseas destinations.
“TruStar, when it’s launched, will go down in the history as the first commercial airline to introduce Made in India Dronier Aircrafts — a highly versatile light commuter commercial aircraft manufactured by Hindustan Aeronautics Ltd, Kanpur,” said Umesh.
TruStar was awarded four routes in Uttar Pradesh, three routes across Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and Goa, two routes between Hyderabad and Prakasham Barrage of Andhra Pradesh and between Chennai and Ramnad in Tamil Nadu and a large multi-destination route connecting Raipur, Rourkela, Jharsuguda, Jagadalpur with Bhubaneswar, Visakhapatnam and Hyderabad.