State-run Air India's regional arm, Alliance Air, is planning to induct two ATR planes in its fleet on long-term lease by the third quarter of the next fiscal year, a source said Wednesday.

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The carrier currently has 18 ATRs in its fleet, of which two will be going back to the lessors after completion of the lease period in March next year.

However, at the same time, it will be inducting another two such planes by the first quarter of FY20.

"Alliance Air is interested in dry leasing of two new ATR 42-600 aircraft. These planes are to be inducted in a phased manner between July-December period next year," the source said.

The source also indicated that the airline may be open to early deliveries of these planes as well.

In a dry lease arrangement, the lessor gives out only aircraft to a lessee airline or operator as against a wet lease in which the aircraft comes with its complete crew, maintenance and insurance

The carrier intends to dry lease these planes for eight years, as per the source.

Alliance Air operates over 101 flights per day to 51 destinations with its all-ATR fleet, some of which are 70-seaters, while a few are 48-seaters as well.