Turbo Aviation secures funding from UK firm

HYDERABAD : TurboAviation on Monday said a UK-based company is investing `950 crore in lieu of a majority stake in the citybased aviation entity. The company will also launch a new airline called TruStar to offer services under the government’s Udaan Scheme in 2020. The airline has already been awarded 10 routes across seven states, according to Turbo.

“Our new strategic investors will not only bring more firepower and credibility to an emerging market, but also can influence in their respective domain to uplift the under-vested part,” said V Umesh, founder, Turbo Aviation. He said the firm has signed a pact with the incoming investor and will soon launch its services. The proposed carrier TruStar will have a fleet of 10 ATRs, 10 Airbus 320 and 4 Droniers. According to Umesh, they will expand the fleet size organically with new flying routes in operation.