Jet Airways talking to bankers to restructure debts

Jet Airways, India's No. 2 airline by market share, said it will look at selling planes and restructuring its debts as it tries to find ways to end the losses that have plagued it 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.

Like all but one of India's major airlines, Jet is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.

The airline, which has not reported an annual profit since 2007, set out a three-year restructuring plan in May centred on cutting costs and boosting efficiency. As the carrier struggles to turn around its fortunes, it also named Cramer Ball as its fourth chief executive within the space of a year, pending regulatory approvals.