Friday, July 16, 2021

US-based Interups yet to infuse funds into regional airline TruJet

Mumbai: In April, TruJet and Interups had signed an agreement under which Interups had agreed to pick up a 49 per cent stake in the airline for an undisclosed amount. The deal was seen as a huge relief to the cash-strapped airline as it was struggling to stay afloat.

In response to BusinessLine’s query, Laxmi Prasad, chairman of Interups said that he is likely to make the payment between August 15 and August 30.

He further added that he was awaiting security clearances from the Directorate General of Civil Aviation and Ministry of Civil Aviation for the appointment of certain individuals to the board of the airline.

“Internally, we have signed a $1.6 billion joint financial participation with another US-based financial group, each of us investing $800 million into Indian acquisitions. About ₹1,575 Core is allocated for TruJet,” Prasad said.

According to sources, Interups was supposed to bring the money by June. TruJet’s promoters Megha Engineering and Infrastructure has, meanwhile, initiated talks to find a new buyer for the company.

Multiple sources requesting anonymity said that the promoters are in a hurry to find an investor as the airline has already defaulted on the payments scheduled in the first week of June.

Salaries to the employees of TruJet have also been delayed for the past two months.

The promoter group had to step in and pay the salaries of the staff on the company’s sixth anniversary recently.

15/07/21 Forum Gandhi/Business Line

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