UK group to invest Rs 950 crore in Turbo Aviation’s new airline TruStar
A UK based business group is planning to enter the Indian aviation sector by acquiring majority stake in Hyderabad-based Turbo Aviation.
Founded by V Umesh, Turbo Aviation is planning to launch a new airline called TruStar to run the commuter air services under UDAN scheme starting next year. It had earlier launched TruJet commercial airliner in addition to other services like aircraft maintenance and ground clearance in the past.
“We had signed an agreement with a large UK business group to dilute majority stake in Turbo Aviation in its favour. We will announce the name of our partner and other details once the security clearances are in place,”Umesh said on Monday. The yet to be operational TruStar airline has already been awarded 10 routes across seven states including Uttar Pradesh under the UDAN Scheme.
