Aviation

Not just Air India, Interups interested in Indian aviation; plans to invest $9 billion in 5 years

By ET news

Air India has received expressions of interest from four potential bidders, one of which, a US-based firm that invests in stressed assets, Interups Inc, plans to invest $9 billion in India’s aviation sector over the next five years irrespective of the Air India deal.

“We are bullish on India’s aviation sector and plan to invest $9 billion in it over the next five years, as we see a lot of growth potential in the sector over a period of time,” Laxmi Prasad, chairman of Interups Inc, told ET.

Prasad said Air India would be its second airline investment, as the company is already in the process of investing Rs 1,800 crore in another airline. He refused to reveal the name and the region of the airline the company is investing in.

Interups started as a tax practice and moved to investing in gold as a tax saving product after the 2008 global financial crisis.

Prasad said Interups has split the opportunity between residential real estate investment trust (REIT) assets, pharmaceuticals and aviation. For instance, it has invested in a pharma company that is in active discussion to produce Russian Sputnik Covid vaccine.

Interups, the Tata Group, an employee consortium and SpiceJet, have shown interest to buy 100% stake in Air India.

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