Interups Inc buys 49% stake in Trujet

Hyderabad: In a significant development, city-based Turbo Megha Airways Pvt Ltd, which owns and operates Trujet airlines, received a big financial boost to expand its operations, with US-based Interups Inc buying 49 per cent stake in the budget airlines. Financial details of this transaction have not been disclosed. Turbo Megha Airways is a part of MEIL Group.

"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. We will finalise the exact final amount at a later stage," KV Pradeep, Group Director, MEIL and Palepu Lakshmi Prasad, Chairman, Interups Inc, said in a joint statement.

This FDI in Trujet assumes significance in the wake of the aviation sector going through unprecedented turbulent times triggered by the Covid-19 pandemic.

A successful operator on UdeDeshkaAamNaagrik (UDAN) routes, Trujet, which commenced its operations in July 2015, currently operates flights to 21 destinations, including tier-2 cities. The destinations include Hyderabad, Mumbai, Aurangabad, Chennai, Goa, Bangalore, Tirupati, Vijayawada, Kadapa, Rajahmundry, among others. It is the only airline operating in the Hyderabad-Aurangabad sector.

According to the joint statement issued by the company, TruJet has carried 28.19 lakh passengers to different parts of the country since its inception. "It is trying to put the remote places on the national aviation map by connecting them with the rest of the country. Launched on July 12, 2015, with two aircraft, TruJet now has seven aircraft," the statement added.