US-based NS Aviation has acquired an 85% stake in the Indian budget airline TrueJet, which ceased operations in 2022 due to financial troubles.
Speaking on the recent acquisition, Isha Ali, Vice Chairman, NS Aviation said: “The total valuation of the deal was around INR 1400 million and the transaction would be completed soon. The airline plans to focus on domestic operations and have flights connecting key metro cities such as Mumbai, New Delhi, Kolkata, and Hyderabad. The airline will cover international destinations too, but that will be done after 18 months, once the airline strengthens base in India.”
Talking about the company's India plans, Ali said NS Aviation was planning to induct 100 Airbus 320neo aircraft.
The airline is planning to target Tier-II and Tier-III cities as of now.
The company also plans to increase its fleet for international operations by adding ten Airbus aircraft for international cargo operations.
Operations are expected to commence as early as October 2023, with competitive pricing, attractive offers, and complimentary meals to attract passengers, the airline said in a statement.