Beleaguered carrier Jet Airways is in advanced stage of discussions with regional carrier TruJet to sublease up to seven of its ATR planes to the Hyderabad based carrier. The beleaguered carrier is likely to sublease these planes complete with crew, maintenance and insurance. The Naresh Goyal-promoted full service carrier Jet Airways currently has 15 ATRs in its fleet, while TruJet, which started operations in July 2015, has an all ATR fleet. 
 
PTI quoted a source as saying that the deal may be stitched together by this month, adding "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." 
 
While TruJet has reportedly confirmed its discussions with Jet Airways, the latter said that "it continues to evaluate all possible alternatives".
 
Jet Airways, partially-owned by Gulf carrier Etihad, has been passing through a bad phase since the beginning of this year, having reported a massive loss of over Rs 1,000 crore in March quarter. Notably, the Mumbai-based carrier had attempted to phase out these regional jets in the past as well.
 
The source further revealed that the sublease period was likely to be for five years, and under a wet lease arrangement, adding, "If the deal gets through, TruJet could opt for more such planes from the airline." A wet lease is an arrangement under which one airline provides an aircraft, its complete crew, maintenance and insurance to another airline.
 
A TruJet spokesperson in a statement told PTI, "We are working options to induct up to seven aircraft for short period from Jet Airways." 
 
Last month, the Hyderabad based airline had reportedly stated that it plans to acquire five to seven ATRs and expand the network to 20 more routes by the end of FY19, as it currently has five ATR-72s and connects 14 destinations including some under the Centre's regional connectivity scheme, Udan.
 
"Jet Airways continues to evaluate all possible alternatives to ensure optimum utilisation of its fleet," a Jet Airways spokesperson said, adding "Owing to our quiet period, we're unable to respond to further specific queries." 
 
Also, Jet Airways today stated that a meeting of the board of directors will be held on August 27 to consider and approve the unaudited financial results for the first quarter ended June 30. The company's board meeting on August 9 had deferred the matter of consideration of the unaudited financial results for the June quarter.
 
In a regulatory filing, Jet Airways said, "the meeting of the board of directors of the company shall be held on 27 August 2018, inter alia, to approve the unaudited financial results for the first quarter ended 30 June 2018," adding "the trading window for dealing in the securities of the company will remain closed till Wednesday, August 29 2018".
 
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Meanwhile, shares of the Jet were trading in the positive territory at Rs 307.05, up 2.20 per cent, over its previous closing price.