Hyderabad: Has the turbulent journey of low-cost airline TruJet, which had glamorous beginnings in 2013 when Turbo Megha Airways Private Limited was incorporated in Hyderabad by Umesh Vankayalapati along with Tollywood star Ram Charan Teja as promoter with backing of several investors, finally found a safe landing at Nagpur?
The latest 200 crore stake sale in TruJet (Turbo Megha Airways Private Limited) has created a buzz in the aviation sector. WinAir Aviation, the company that would be taking over 79% stake in TruJet, has its registered office in Nagpur. The deal will also help TruJet tide over financial crisis.
The airline had changed hands in 2014 with Hyderabad-based Megha Engineering and Infrastructures Ltd acquiring Turbo Megha Airways and its operations finally took off in 2015. But by mid-2020, most of its fleet was grounded over unpaid dues and in April 2021, MEIL said it was selling 49% stake in the airline to US-based Interups Inc promoted by NRI businessman Laxmi Prasad. But in October 2021 MEIL transferred the ownership of TruJet to former owner V Has the turbulent journey of low-cost airline TruJet, which had glamorous beginnings in 2013 when Turbo Megha Airways Private Limited was incorporated in Hyderabad by Umesh Vankayalapati along with Tollywood star Ram Charan Teja as promoter with backing of several investors, finally found a safe landing at Nagpur?
The latest 200 crore stake sale in TruJet (Turbo Megha Airways Private Limited) has created a buzz in the aviation sector. WinAir Aviation, the company that would be taking over 79% stake in TruJet, has its registered office in Nagpur. The deal will also help TruJet tide over financial crisis.
The airline had changed hands in 2014 with Hyderabad-based Megha Engineering and Infrastructures Ltd acquiring Turbo Megha Airways and its operations finally took off in 2015. But by mid-2020, most of its fleet was grounded over unpaid dues and in April 2021, MEIL said it was selling 49% stake in the airline to US-based Interups Inc promoted by NRI businessman Laxmi Prasad. But in October 2021 MEIL transferred the ownership of TruJet to former owner V Umesh for an undisclosed amount amid speculation that the deal with Interups had fallen through. But in mid-February this year, TruJet's operations came to a grinding halt for which its managing director and founder V Umesh cited technical and administrative reasons.
Samuel Timothy, 33, WinAir's director, said the company was incorporated a year ago. The idea was to start a new airlines under the banner. "Most of the work happens from Goa, Hyderabad and Pune," Samuel told TOI.
28/05/22 Shishir Arya/Times of India
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