US fund Interups enters Indian skies with 49% stake purchase in Trujet

Exact investment sum yet to be finalised; Interups had earlier bid for Air India but withdrew its offer as the airline's employees were unwilling to join hands for the bid

US-based fund Interups will pick up 49 per cent stake in Trujet, the companies announced in a joint statement today. The exact investment sum is yet to be finalised.

Trujet began operations as a regional airline in 2015 and now serves 21 destinations with seven ATR-72 aircraft. The investment will help fund the airline’s expansion and mark Interups’ foray in Indian aviation.

The airline has faced operational challenges in the past due to intermittent funding from its promoters leading to lack of spares and engines, industry sources said. Megha Engineering and Infrastructure Limited (MEIL) is majority owner of the airline.