Winair is acquiring 79% stake in debt-strapped TruJet for ₹200 crore
Winair Aviation Private has said it is acquiring a 79 per cent stake in debt-strapped TruJet (Turbo Megha Airways ) for ₹200 crore. The company has said that by December, TruJet will be able to fly 17 aircrafts a day along with 3 backup aircraft (aircraft ATR-600).
Umesh Vankayalapati, who is currently the Managing Director, Turbo Megha Airways has signed the term sheet agreement with WinAir, Chairman & Managing Director Samuel Timothy on 26th April 2022.
According to Winair Aviation, it is to roll out scheduled commuter operations soon. WinAir is associated with the Aaryan Group of Companies, which are into various business streams like media & entertainment, infrastructure & real estate, among others. As per financial data accessed by business intelligence platform, Tofler, WinAir’s total paid up capital is only ₹1 lakh.
“The valuation of the parent company of WinAir and the promoters is huge, and we have submitted all the bank proofs to TruJet, and after due diligence TruJet signed the term sheet,”
With the acquisition of the majority stake, WinAir will take over the management control and operations of the company. With this arrangement, V Umesh will continue to remain the Managing Director, and he along with Timothy will guide the new management team with a new business plan.
A fortnight ago, BusinessLine had reported that leasing company Elix has sent a notice to TruJet to ground three aircraft. The Ireland-based lessor has applied to the Directorate of Civil Aviation (DGCA) for the deregistration of the ATRs leased to the debt-strapped regional airline. Post which, Aergo too had applied for deregistration of the aircraft it had leased to TruJet over unpaid dues.
When asked about the value WinAir saw in a company whose all aircraft were grounded, he said: “We have a plan to turnaround TruJet, only the first aircraft is scheduled to get deregistered tomorrow.”
Commenting about the acquisition, WinAir’s chairman Timothy said “Being a consumer-centric company that started with the idea of making air travel easy for every Indian. After the deal goes through, we’ll be one step closer to our dream. With our experienced team, we will revitalize 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. By December TruJet will be able to fly 17 aircrafts a day along with 3 backup aircraft (Aircraft ATR-600).”