Jet Airways gets approval to wet lease Etihad aircraft

Our Bureau Updated - March 05, 2015 at 10:10 PM.

jet

Jet Airways will soon start dedicated freighter flights. This follows the airline being given permission by the Centre to wet lease an Airbus A-330-200 aircraft from the Abu Dhahi based airline Etihad.

A wet lease involves leasing not only the aircraft but also the crew.

In April 2013, Etihad picked up a 24 per cent stake in Jet Airways after the Centre allowed foreign airlines to acquire a stake in Indian carriers.

Jet was keen to lease the aircraft for two years, but it has been given permission to lease it for six months only. This is because regulations do not allow wet lease of aircraft for more than six months at a time.

With the Union Government following an open sky policy in the air cargo market, Jet Airways will be free to operate the freighter aircraft not only on routes within India but also to international destinations.

At a press conference here in July last year, the airline’s Chief Executive Officer Cramer Ball had said that cargo is a major opportunity for Jet Airways.

He had added that the airline was also looking at operating new routes such as New York and Paris.

Interestingly, the third quarter financial numbers announced by the airline on February 6 this year show that revenue from cargo were at ₹382 crore or up 5.3 per cent during the third quarter in FY 15 from ₹363 crore recorded during the Q3 in FY14.

Published on March 5, 2015 08:38