Megha Engineering Limited is likely to pick up a majority stake in Hyderabad based regional airline, Turbo Megha Airways. Vankayalapati Umesh, the promoter director of Turbo Aviation is in talks with MEIL and is expected to conclude the deal by this month.
One among the six to receive approval from the civil aviation ministry last month, Turbo Megha , a subsidiary of Turbo Aviation, is backed by Actor Ramcharan Tej, son of former Union Minister K. Chiranjeevi.
The majority stake sale would enable the charter get funds to commence operations as the company expects to take off by December. As per report the airline needs at least INR 700 Mn to begin operations with three short-haul turbo prop aircraft in the first year, and an investment of at least INR 150 Mn per aircraft thereafter.
The company was also planning to connect Chennai, Bangalore, Tuticorin, Madurai, Belgaum and Hubli and also acquire a 68-seater, Q-400 Bombardier aircraft for the purpose. It was also in talks with Brazilian aerospace company Embraer and French-Italian aircraft manufacturer ATR to firm up lease plans for at least three aircraft.
20/08/14 Tilak Devadiga/Deal Curry
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One among the six to receive approval from the civil aviation ministry last month, Turbo Megha , a subsidiary of Turbo Aviation, is backed by Actor Ramcharan Tej, son of former Union Minister K. Chiranjeevi.
The majority stake sale would enable the charter get funds to commence operations as the company expects to take off by December. As per report the airline needs at least INR 700 Mn to begin operations with three short-haul turbo prop aircraft in the first year, and an investment of at least INR 150 Mn per aircraft thereafter.
The company was also planning to connect Chennai, Bangalore, Tuticorin, Madurai, Belgaum and Hubli and also acquire a 68-seater, Q-400 Bombardier aircraft for the purpose. It was also in talks with Brazilian aerospace company Embraer and French-Italian aircraft manufacturer ATR to firm up lease plans for at least three aircraft.
20/08/14 Tilak Devadiga/Deal Curry
