Flyeasy, a planned regional airline based in Bengaluru, has announced purchasing 74% of grounded carrier Air Pegasus, with 26% left to the company’s founder Shyson Thomas.

According to a news release by Air Pegasus, this injection will help it return to operating status by March 1. The regional carrier was forced to cancel it operations in the summer of 2016, when two of the company’s three ATR planes were repossessed by the lessor in response to the inability to deliver payments.

"Air Pegasus will continue as a regional airline operating in tier 2 and tier 3 cities while Flyeasy airlines will operate as a pan India operator with an all Airbus fleet and will have a commercial launch on May 2017", Air Pegasus said in its news release. 

Planning to restart operations, Air Pegasus is ready to induct 24 planes in the following four years, with six of those inducted as early as 2017.