Interups close to buying majority stake in Trujet

US-based Interups Inc is close to signing an agreement to buy a majority stake in Trujet — a scheduled regional carrier holding a scheduled commuter operator permit — from Hyderabad-based Megha Engineering & Infrastructures Ltd, multiple sources said.

The New York-based fund, led by Indian-born Laxmi Prasad, has also backed Megha Engineering & Infrastructures, which had submitted an expression of interest (EoI) for the privatisation of state-run carrier Shipping Corporation of India Ltd on Monday.

Interups Inc Chairman Laxmi Prasad, who hails from Andhra Pradesh, confirmed to BusinessLine the bid for SCI in partnership with Megha Engineering & Infrastructures.

Trujet, owned by Turbo Megha Airways Pvt Ltd, links main cities with Tier-2 and -3 cities using eight ATR 72 aircraft mainly under UDAN, a regional connectivity scheme of the government. Turbo Megha Airways is a unit of Megha Engineering & Infrastructures.

BusinessLine could not ascertain the value of the Trujet deal, which is expected to be announced as early as next week, a person with knowledge of the deal said.

Interups is already an investor in Megha Engineering & Infrastructures which undertakes engineering and construction works in irrigation, drinking water, power, hydrocarbons and transportation sectors.

Interups is eyeing stressed assets in India and has also backed the EoI submitted by the employees of national carrier Air India which has been put up for privatisation by the government.

After Interups comes on board Trujet, the regional carrier could explore the possibility of expanding its fleet and even buy a permit to connect metro and major cities using narrow-bodied aircraft, the person mentioned earlier said.

A spokesman for Megha Engineering & Infrastructures was not available for comment.