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trujet: Hyderabad: In Rs 200 crore deal, WinAir to acquire major stake in TruJet | Hyderabad News
HYDERABAD: In a Rs 200 crore deal, WinAir – believed to be India’s first parallel airline – is set to acquire a 79% stake in Hyderabad-based TruJet (Turbo Megha Airways Pvt Ltd). With the acquisition of a majority stake, WinAir will take over control of management and operations of the company, the company said on Sunday.
The term sheet agreement was signed on April 26. Speaking on the occasion, WinAir’s chairman and managing director, Samuel Timothy, said: “Being a consumer-centric company that started with the idea of making air travel easy for every Indian, we’ll be one step closer to our dream after the deal goes through. With our experienced team, we will revitalise TruJet through the infusion of fresh capital and improve its performance.”
According to him, by December, TruJet will fly 17 aircraft a day along with three backup aircraft (ATR-600).
While Umesh Vankayalapati, as part of the agreement, will continue as managing director of TruJet, he along with Timothy will guide the new management team with a new business plan, the release added.
“By virtue of this parallel approach, we can create a new system connecting cities and towns in line with the present government’s concept of ‘Make in India’. More viable routes can be planned in the future,” Timothy said.
The term sheet agreement was signed on April 26. Speaking on the occasion, WinAir’s chairman and managing director, Samuel Timothy, said: “Being a consumer-centric company that started with the idea of making air travel easy for every Indian, we’ll be one step closer to our dream after the deal goes through. With our experienced team, we will revitalise TruJet through the infusion of fresh capital and improve its performance.”
According to him, by December, TruJet will fly 17 aircraft a day along with three backup aircraft (ATR-600).
While Umesh Vankayalapati, as part of the agreement, will continue as managing director of TruJet, he along with Timothy will guide the new management team with a new business plan, the release added.
“By virtue of this parallel approach, we can create a new system connecting cities and towns in line with the present government’s concept of ‘Make in India’. More viable routes can be planned in the future,” Timothy said.
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