US-based investor Interups purchased a 49% stake in regional airline Trujet.
While the full transaction details were not disclosed, Interups will get the 49% stake in Truejet – operated by Turbo Megha Airways. Trujet's parent company is Hydrabad-based Megha Engineering and Infrastructure Limited (MEIL). The funds will be used to help grow its operations.
“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." MEIL group director Laxmi Prasad and Interups chairman Lakshmi Prasad said in a statement.
Launched in 2015, Trujet operates flights to 19 domestic destinations within India. With its main hub Hyderabad's Rajiv Gandhi Airport, it has a fleet of seven ATR 72 turboprop aircraft. Its list of destinations include Mumbai, Bengaluru, Chennai, Goa, and Ahmedabad.