WinAir to acquire majority stake in TruJet for Rs 200 crore

A Trujet aircraft at the Hyderabad airport (Image: Shutterstock)

WinAir (We Indian Nationals) Aviation Pvt Ltd, touted as India’s first parallel airline company, has announced acquiring a 79 percent equity stake in Hyderabad- headquartered regional airline TruJet, owned by Turbo Megha Airways Pvt Ltd, for Rs 200 crore.

A parallel airline is one which uses the equipment and operating permits of an existing airline operator by optimally utilising the leased aircraft and idle hours of the existing airlines in viable routes.

In a statement on May 1, WinAir said it will take over the management control and operations of TruJet. WinAir said the managing director of TruJet Umesh Vankayalapati signed the term sheet agreement with WinAir’s chairman and managing director Samuel Timothy on April 26.

“With our experienced team, we will revitalise TruJet through the infusion of fresh capital and improve its performance,” said Timothy. “Needless to say, the synergy will bring in more benefits for the end consumers. By December TruJet will be able to fly 17 aircraft a day along with 3 backup aircraft (Aircraft ATR-600).”

Vankayalapati will remain as the managing director and he along with Timothy will guide the new management team with a new business plan, said the statement, adding that the deal comes as a major relief to TruJet’s 650 employees and their families.

Following this deal, WinAir said it is all set to roll out scheduled commuter operations.

WinAir is associated with the Aaryan Group of Companies, which are into various business streams like media and entertainment, infrastructure and real estate, food and beverage, hospitality, green energy, heavy industries, finance, education, business ancillary services, healthcare, gold refinery, petrochemicals, pharmaceuticals, electric vehicles, agriculture, and organic farming, among others.

Commenting on the concept of parallel airline operations, Timothy said, “By the virtue of this parallel approach, we could create a new system connecting cities and towns toeing in line with the present government concept of Make in India, Made in India. More viable routes could be planned in the future.”