August 2015, UAC president Yuri Slyusar said he favors building the new Il-114-300 model but awaits the Kremlin's endorsement. In December 2016, Russian President Vladimir Putin stated that production of the aircraft will be at the Nizhny Novgorod plant Sokol, starting in 2019–2020. Until 2025, almost 56 billion rubles from the state budget will finance the construction of 100 Il-114 planes. However, UAC president Yury Slusar announced at the Paris Air Show on 20 June 2017 that the production site was changed to the MiG production centre at Lukhovitsy, close to Moscow. It is expected that the plant can produce 12–18 Ilyushin Il-114 regional aircraft per year to supply Russian airlines that will need around 60–80 turboprops with 50–60 seats over the next 10 to 15 years, said Slusar. At the Paris Air Show in June 2017, a memorandum of understanding (MOU) between Pratt & Whitney Canada (P&WC) and Ilyushin Joint Stock Co. was signed for P&WC to provide two PW127H engines to restart the Ilyushin Il-114-100 regional turboprop aircraft program. The Il-112V, being developed from the Il-114 airliner, will replace Russia's aging fleet of Antonov An-26s, as the LVTS (Russian acronym for Lightweight Military-Transport Aircraft). The Ilyushin Il-112V tactical airlifter for the Russian air force was forecast to make its maiden flight in the summer of 2017, according to Yuri Slyusar, president of the United Aircraft Corporation (UAC), but it was subsequently delayed. On 9 November 2015, Russian Deputy Prime Minister Dmitry Rogozin reiterated that the Ilyushin Il-114 will be produced in the Sokol plant in Nizhny Novgorod. In July 2017, it was announced that Russia's United Aircraft Corp. (UAC) had signed a letter of intent with State Transport Leasing Co. for 50 Ilyushin Il-114-300s. Although the delivery schedule was not disclosed, the manufacturer and lessor are expected to sign a preliminary agreement on terms and conditions before the end of 2017. In 2017, the Kremlin injected ₽9.6 billion ($ million) into the Il-114-300 and for three years from 2018, UAC plans to invest ₽ billion ($ million) for the Il-114-300. From February 2020, new Il-114-300 is being built, entirely from domestic parts and using modern technology. Modern variant will carry 68 passengers, with a range of 2000 km. On November 28, 2020, the renovated Il-114 had started its first ground testing at an unspecified airfield within Moscow. The renovated Il-114 made its flight on December 16, 2020 from