M&A

M&A

Ex-promoter Vankayalapati Umesh regains control of TruJet from MEIL

Business Line  

Megha Engineering & Infrastructures Ltd (MEIL) has transferred cash-strapped airline TruJet's ownership to its former owner Vankayalapati Umesh. The airline is in talks with Ireland-based turboprop aircraft lessor Elix Aviation Capital to raise funds in the next three months. Turbo Megha Airways Pvt Ltd was incorporated in 2013 with Umesh as the promoter. In 2014, he sold a majority stake in the airline to Hyderabad-based MEIL. In April, TruJet and US-based fund Interups Inc had signed an agreement under which Interups agreed to pick up 49% stake. However, Interups is yet to infuse the funds as agreed.