India’s Jet Airways and Etihad Airways have outlined plans to reinforce their long-term commitment to the growth of India’s economy and aviation industry, including a major new turnaround strategy for Jet Airways to return to profitability in three years.
The two airlines have been codeshare partners since 2008 and their relationship was strengthened in November 2013, after Etihad Airways received approvals to acquire a 24 per cent stake in Jet Airways, marking it the first investment by a foreign carrier in India’s airline industry.
Jet Airways and Etihad Airways said they stand to benefit from cost savings and synergies in areas such as fleet acquisition, maintenance, product development and training, and continue to explore collaborative purchasing opportunities for fuel, spare parts, insurance and technology support.
Supporting the partnership, the Jet Airways Board recently approved a three-year business plan to reshape the airline and secure its long-term future. The plan incorporates a series of critical measures that lay the foundations for a return to profitability, such as long-term network, fleet and product developments to optimise the airline’s domestic and international operations.
Focus areas for international operations will include network developments, including new services to markets such as Europe, China, Australia and Southeast Asia, expanded frequencies to existing routes and additional codeshares. Jet Airways’ two and three class aircraft product will also be enhanced and the seat count optimised on wide-body B777 and A330 aircraft.