Air Sahara to be renamed JetLite

Mumbai: Jet Airways, which recently took over beleaguered Air Sahara for Rs1,450 crore, will rebrand the low-cost carrier `JetLite', Naresh Goyal, Jet Airways chairman, told the media.

He said, the combined entity would have a market share of 33 per cent of the domestic market and combined FY08 net revenues of $2.5 billion.

However, Jet and Air Sahara will operate as independent companies, he added.

Goel further said that Jet Airways would raise $400 million to fund overseas expansion.

Jet Airways, he said, also plans to acquire 20 wide-bodied aircraft for $2.1 billion. Delivery of the aircraft will begin this month, he said. It will comprise 10 state-of-the-art Boeing 777-300 (extended range) and 10 A330-200 Airbus aircraft.

While Jet Airways has redesigned everything, offering new products in the first, premier and economy classes, he said, the airlines also holds options of further adding aircraft of each type and have recently signed to purchase of 10 Boeing 787 Dreamliner with delivery commencing in 2011, which will cost the company $1.6 billion.

In all, Jet Airways will invest $3.7 billion in new aircraft for its aggressive growth strategy, he added.

All facilities offered will be premium and hence a premium will have to be paid by the passengers but the prices will be competitive, a senior Jet Airways official said.