Jet to lease out four 777s
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Hit by economic slowdown, India’s largest carrier, Jet Airways, has announced that it will lease out four of its wide-bodied Boeing 777-300ER aircraft to Gulf Air.
According to an Economic Times report, Gulf will receive the first three 777s next month, with the final plane being delivered in May. The agreement is a ‘wet lease’, meaning that the aircraft come with crew, maintenance, and insurance.
“We are leasing out four of our Boeing 777-300ER aircraft to Gulf Air for three-and-half-year period,” Jet Airways Executive Director, Saroj Datta, was reported saying.
The agreement follows Jet leasing out two of its Airbus A330 aircraft to the Bahraini national carrier for four months in December, the Economic Times report stated. The Indian carrier has also leased two Airbus A330s to Oman Air, effective May. The leasing strategy follows Jet having rationalised its routes in light of the global economic crisis and a significant downturn in India’s aviation sector.
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