We Indian Nationals (WinAir) Aviation Pvt Ltd., considered to be the country’s first parallel airline company, has reportedly planned to acquire a 79% equity stake in Hyderabad-based regional airline TruJet, for USD 26.1 million (Rs 200 crore).
For the unversed, a parallel airline is the one that utilizes the operating permits and equipment of an existing airline operator by maximally using the leased aircraft and idle hours of the current airline on feasible routes.
In a statement, WinAir stated that it will take control of the operations and management of TruJet. It added that Umesh Vankayalapati, the Managing Director of TruJet, signed the term sheet agreement with Samuel Timothy, the Managing Director, and Chairman of WinAir.
Mr. Timothy stated that the company will appoint its experienced team to transform TruJet through the injection of fresh capital and enhance its performance. This move will be beneficial for the end customers. TruJet will be able to manage 17 daily flights along with three backup aircraft.
Meanwhile, Vankayalapati will continue as the managing director. He and Timothy will guide the upcoming management team with a fresh business plan.
Notably, this move comes as a major relief to the 650 employees of TruJet. Post the deal, WinAir will release scheduled commuter operations.
Speaking about the operations of a parallel airline, Timothy cited that this approach would help in creating a new system connecting towns and cities aligning with the present concept of Make in India, Made in India.
It is worth noting that WinAir is related to the Aaryan Group of Companies, which are involved in different business streams like infrastructure and real estate, media and entertainment, hospitality, food and beverage, education, green energy, heavy industries, finance, healthcare, petrochemicals, gold refinery, pharmaceuticals, agriculture, and electric vehicles among others.