Air Carnival to change hands, 100% stake sale likely this week

Promoters of Air Carnival are all set to sell their 100 per cent stake "possibly this week" for about Rs 73 crore in the regional airline, which started flying less than a year ago.

Air Carnival is the second regional carrier after grounded Air Pegasus to scout for new owners amid funding issues.

Promoted by Coimbatore Marine College (CMC) group, Air Carnival commenced operations in July last year with one ATR- 72 aircraft.

Confirming that the airline is on the block, Air Carnival Chairman and MD S Irudaya Nathan said discussions are in "advanced stages".

"We are diluting entire stake in the carrier. The discussions (with the prospective buyer) are about to be finalised within this week," Nathan told

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)