Jet Airways gains on debt restructuring plans

The airline gains 3% to Rs 264 after Jet Chairman Naresh Goyal said the airline will return to profitability by 2017

Jet Airways gained 3% to Rs 264 after the country's No. 2 airline by market share said it will look at selling planes and restructuring its debts to end the losses for years.

"We are looking at a lot of consolidation (of our fleet)," Jet's Chairman Naresh Goyal said at a press event in New Delhi on Wednesday. Goyal said the carrier is talking to its bankers, without giving details of the discussions.

Jet said on Wednesday its plans would return it to profitability in 2017 fiscal, without disclosing details of how the plans would be effective. The carrier said it would also expand its international operations, which are currently profitable, to 63% of its business by 2016 from 45% today.

Nearly 47 lakh shares changed hands on BSE and NSE till 1400 hrs.