Indian regional airline Air Carnival (Coimbatore) is in advanced talks to change hands, reports The Economic Times of India. Promoter Coimbatore Marine College (CMC) plans to sell its 100% stake for about INR730 million (USD11.2 million), with the deal wrapping up as early as this week.

Air Carnival commenced operations in mid-2016 with one ATR72-500 VT-CMA (msn 767) leased from Elix Aviation Capital. CMC had planned to inject a further USD7-12 million to fund the acquisition of a further two aircraft by end-2016, but failed to do so due to a lack of funds.

When it launched, Air Carnival's CEO Manish Kumar Singh hoped the airline would break even within 2.5 years.

Air Carnival currently deploys its sole aircraft on routes from Chennai to Coimbatore, Tiruchirapally and Tuticorin.