Shares of Jet Airways wiped off most of their days gains amid media reports that the beleaguered carrier is in advanced stage of discussions with TruJet to sublease up to seven of its ATR planes to the regional carrier.The airline is looking to reduce costs and mop up additional revenues amid cash droughtAfter rising as much as 3.16 per cent during the day, the scrip, however, closed 0.20 per cent up at 301.05.These planes are likely to be subleased with its complete crew, maintenance and insurance.The Naresh Goyal-promoted full service carrier currently has 15 ATRs in its fleet.
TruJet, which started operations in July 2015 has an all ATR fleet.The deal may be stitched by this month, the source privy to the development said.The Mumbai-based carrier had attempted to phase out these regional jets in the past as well.Both Jet Airways and TruJet are in the advanced stage of negotiations on the ATR deal.
As per the on-going discussions, TruJet will initially lease seven ATRs from Jet Airways," the source told PTI.