US-based Interups acquires 49% in India’s TruJet


New York-based investment firm Interups Inc has picked up 49% stake in India’s Turbo Megha Airways Pvt Ltd, which owns and operates under the name TruJet.

TruJet, successfully operates flights to 21 stations, including tier-2 cities with 7 ATR aircraft.

The funds being raised from Interups will be utilized to expand TruJet operations pan-India as well as to explore newer opportunities in the civil aviation sector, Interups Inc chairman Laxmi Prasad and KV Pradeep, group director, Megha Engineering & Infrastructures Ltd, said in a joint statement.

“We will finalize the exact final amount at a later stage,” they added.

Once the deal is completed, Hyderabad-based MEIL’s stake will come down to 51% in Turbo Megha Airways.

TruJet currently operates flights to 21 destinations, including tier-2 cities, under the UDAN (Ude Desh ka Aam Nagrik) scheme with a fleet of seven ATR aircraft.

These include destinations like Hyderabad, Mumbai, Aurangabad, Chennai, Goa, Bangalore, Tirupati, Vijayawada, Kadapa, Rajahmundry, Ahmedabad, Porbandar, Jaisalmer, Nashik, Jalgaon, Cooch Behar, Buranpur, Tezu, Mysore, Bidar, Belagavi, Vidyanagar, among others.

In fact, TruJet is the only airline to operate on the Hyderabad-Aurangabad sector.

TruJet has ferried over 28 lakh passengers to different parts of the country since its inception in July 2015.

It may be recalled that Interups was one of the bidders for ailing national carrier Air India as well and had put in a bid along with 209 Air India employees. However, in December 2020, Interups pulled out of the race due to some legal issues.

TruJet, which has carried over 28,19,893 passengers to different parts of the country since its inception. It strives to put remote places on the national aviation map by connecting them with the rest of the country. Launched on July 12, 2015, with two aircraft, Turbo Megha Airways Pvt. Ltd. TruJet, is now operating with seven aircraft.