Indian gov't allocates 235 routes under UDAN III

New York-based investors buy 49% stake in India’s TruJet

Interups, a New York-based investment firm which is backed by non-resident Indians (NRIs), has struck a deal to buy a 49% stake in TruJet (2T, Hyderabad Int'l), the regional carrier revealed in a statement on April 1. The transaction details were not disclosed.

Interups has had its eye on India’s aviation sector for some time. In late December 2020, it withdrew an Expression of Interest it had submitted to buy Air India (AI, Mumbai Int'l) in the flag carrier’s ongoing privatisation process due to concerns it may be disqualified on formal grounds, although it continued to support a group of Air India employees in their bid until they themselves were disqualified.

According to this new deal with Trujet, Interups will acquire a 49% shareholding in Turbo Megha Airways (Turbo Aviation), which owns and operates the regional carrier and which called itself in its statement “the only successful operator in UDAN routes,” referring to Ude Desh ka Aam Naagrik, the Indian government’s regional air connectivity development scheme.

Trujet has “garnered 49% foreign...

India's Jet Airways receives 11-12 EOIs

The resolution professionals tasked with finding a new investor for Jet Airways (JAI, Mumbai Int'l) have received around a dozen Expressions of Interest (EOIs) in the fourth and final round, CNBC TV18 has reported.

A source said that out of the 11-12 companies that submitted EOIs, only three or four are expected to be shortlisted as the others are unlikely to meet the eligibility criteria regarding their capitalisation.

It is understood that the list of potential bidders includes UK-based Kalrock Capital, Turbo Aviation (Hyderabad Int'l), UK-based Adi Group, Synergy Aerospace, and a consortium of former Jet Airways employees. Synergy came the closest to submitting a binding offer in the previous rounds but eventually withdrew over uncertainty over the ownership of Jet Airways' slots.

Once shortlisted, potential bidders will have until July 11 to file a formal binding offer. The completion of the restructuring is due by August 21, when the non-extendable legal deadline falls. However, the date may be moved due to a lockdown imposed in relation to the COVID-19 pandemic.

India's TruStar secures Do228s ahead of 2Q20 launch

Synergy Aerospace resubmits EOI for Jet Airways

Synergy Aerospace has resubmitted an Expression Of Interest (EOI) for Jet Airways (JAI, Mumbai Int'l) and was joined shortly thereafter by an unnamed fund from Dubai, Indian media have reported.

The Hindu Business Line said the South American holding was the first to submit an EOI. Synergy Aerospace was the only investor interested in acquiring Jet Airways during the first round of EOIs last year. However, amidst a lack of clarity regarding the status of the airline's slots at Mumbai Int'l and Delhi Int'l, Synergy did not submit a final and binding business proposal by mid-December, prompting liquidators to announce a fresh call for EOIs.

On January 8, the liquidators' counsel informed the National Company Law Tribunal that a second EOI was submitted by the fund from Dubai, the Business Standard newspaper reported.

Indian conglomerate Hinduja Group and Turbo Aviation (Hyderabad Int'l), backed by GBP100 million pounds (USD130 million) in fresh capital from UK investors, are also said to be interested in acquiring Jet Airways. So far, neither has...