MEIL did not disclose details about the proposed deal while its Group Director KV Pradeep said the transaction would be completed “very soon.” Turbo Megha Airways holds a flying permit and operates Trujet.

Trujet has received 49 per cent Foreign Direct Investment (FDI) from New York-based Interups Inc and the funds will help the airline to expand its services, according to a release on Thursday.

“The funds raised through 49 per cent FDI in the company, will be utilised to expand its operations pan India and explore the newer opportunities in the civil aviation sector. We will finalise the exact final amount at a later stage,” the release said.

With a fleet of seven ATR-72 aircraft, Trujet operates to 21 airports in the country. I can confirm selling 49 per cent stake and that we want to expand the airline,” Pradeep said. According to him, the regulatory clearances for the proposed deal are “still in the process.”

Interups, owned by chartered accountant and businessman of Indian-origin Lasmi Prasad Palaypu, had earlier collaborated with a group of Air India employees to bid for the carrier. However, their proposal was rejected.