TruJet (TRJ, Hyderabad International) is to restart scheduled operations following a INR2 billion rupee (USD26.1 million) cash injection for a 79% equity stake by WinAir (We Indian Nationals) Aviation Pvt Ltd, part of India's Aaryan Group of Companies.
WinAir in a May 1 statement announced it would take over the management and operations of Trujet (renamed from Turbo Megha Airways (Hyderabad International)) following an agreement signed on April 26, according to local media.
“By December, TruJet will fly 17 [undisclosed] aircraft a day along with three backup aircraft (ATR72-600), said WinAir Chairman and Managing Director Samuel Timothy.
WinAir is touted as India’s first “parallel airline” meaning it would use the equipment and operating permits of TruJet. “With our experienced team, we will revitalise TruJet through the infusion of fresh capital and improve its performance. Needless to say, the synergy will bring in more benefits for the end consumers,” Timothy said.
Umesh Vankayalapati would remain managing director of the Hyderabad-based regional airline. He and Timothy would guide the new management team with a new business plan, said the statement, adding the deal came as a major relief for TruJet’s 650 employees.
According to its website, the Aaryan Group is a multi-sector business involved in green energy, infrastructure, steel, media and entertainment, hospitality and IT, real estate, food and beverage, finance, education, business ancillary services, healthcare, gold refinery, petrochemicals, pharmaceuticals, electrical vehicles, and agriculture.
The investment was first touted via social media in February 2022 when Vankayalapati revealed the carrier was in talks with a potential investor. This came after it had suspended operations on February 15, 2022, following a reported cash-flow crisis.
Last month, lessor
Elix Aviation Capital reportedly had set in motion efforts to recover three ATR72-500s on operating leases to TruJet.
According to the ch-aviation fleets module, the airline's fleet currently comprises five ATR72-500s (including the three leased from Elix Aviation Capital and two from Aergo Capital) and one ATR72-600 leased from DAE Capital.
