Interups Inc, a New York-based firm, has struck a deal with regional carrier Trujet to pick up 49 per cent stake in the airline.
According to the deal, Interups will acquire 49 per cent stake in Turbo Megha Airways, which owns and operates the regional carrier. Trujet connects 21 stations, including tier-2 cities, with 7 ATR aircraft.
The stake divestment will enable TruJet to expand its operations and connect to new destinations. The transaction details were not disclosed.
KV Pradeep, Group Director, MEIL, and Palepu Lakshmi Prasad, Chairman of Interups Inc, in a joint statement, said, “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.”
The destinations Trujet operates to include Hyderabad, Mumbai, Aurangabad, Chennai, Goa, Bangalore, Tirupati, Vijayawada, Kadapa, Rajahmundry, Ahmedabad, Porbandar, Jaisalmer, Nashik, Jalgaon, Cooch Behar, Buranpur and Tezu. Trujet has been successfully operating its services to Belagavi, Bidar, Mysore, Vidyanagar in Karnataka.