Jet Air in pact with Turkish Airlines

Mumbai: Jet Airways (India) Ltd has entered into a fresh aircraft leasing arrangement with Turkish Airlines for its Airbus 330-200 wide bodied jets.
The Indian company, which is 24 per cent owned by Etihad Airways, will lease out three of its idle A330s to the Turkish carrier for six years, according to sources.
A Jet spokesperson did not comment on the development, and the financial details could not be ascertained.
At the end of the second quarter, Jet said it had grounded five A330s and had initiated discussions with players for both an outright sale and long-term lease arrangements.
If the company is successful in an outright sale of these aircraft, its debt portfolio will shrink by $200 million, the airline's chief financial officer Ravishankar Gopalakrishnan had said then. Debt at the country’s second largest airline was at $1.9 billion as on September 30, 2013.
Read news in full 23/12/13 Adith Charlie/Business Line