Jet Airways In “Advanced Discussions” With Boeing, Airbus For Buying Planes; Shares Jump 5%


Jet Airways’ stock touched upper circuit limit of Rs 90.80 on the BSE platform.

New Delhi: Shares of Jet Airways surged as much as 4.97 per cent on Friday after the airline said it is in “advanced discussions” with Boeing and Airbus for buying and leasing aircraft. The stock touched upper circuit limit of Rs 90.80 on the BSE platform.

Shares of the airline rose nearly 10 per cent in two consecutive trading sessions, recording their biggest jump in more than three months.

“Jet Airways successful resolution applicant is currently in the process of reviving the company and implementing the approved plan. As part of such revival, the successful resolution applicant (consortium) has been in advanced discussions since the approval date with aircraft manufacturers — The Boeing Company and Airbus SE regarding the acquisition/ leasing of aircraft to recommence operations of Jet Airways in India,” the airline said in a notification to exchanges.

The filing came after it was reported that the the new owners were holding talks with Boeing and Airbus to “acquire 100 aircraft for around $12 billion”.

In response, Jet stated that the discussions with Boeing and Airbus are in line with the approved revival plan and “no fixed value can be determined as on date as the discussions are still ongoing.”

“Financials mentioned are purely based on speculative calculations for over 100 aircraft purchased as per industry standards,” it added.

The airline, which ended operations in April 2019, aims to restart domestic operations by the first quarter of 2022 and short haul international flights by the last quarter of the next year.

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