National flag carrier Air-India is planning to induct 12 aircraft by lease. The airline will acquire nine aircraft through wet lease and another three via dry lease.
This acquisition proposal comes at a time when Air-India, which has ordered 68 Boeing family aircraft for over $8 billion, plans to phase out some of aircraft from its fleet and many lease agreements are getting expired.
Air-India chairman and managing director Vasudevan Thulasidas said: "We are looking for aircraft as many lease agreements expire in next couple of months. We are also looking at new routes such as Mauritius."
The airline has plans to wet lease nine wide-bodied jet aircraft to operate its schedule services.
It is looking at four Boeing B 747 aircraft of Airbus A 340/ A 330 long-range aircraft.
Air-India intends to take on dry lease up to three aircraft B 747-400 for a period of two years.
Air-India company secretary S Venkat said: "Earlier wet leasing was done only for our Haj operations."
Wet lease option will enable the airline to meet temporary shortage of pilots as aircraft comes with cabin crew, maintenance contract and insurance. While wet leasing is generally for 90 days to one year, dry leasing is for two to five years.
Meanwhile, the deliveries of the new aircraft, as a part of Boeing deal, are scheduled to begin in November. Air-India currently operates a fleet of 11 B747-400s, two B747-400 Combis, two B 747-300 Combis, three B 777-200ERs and 21 Airbus 310-300s.
The B 777s will replace the airline's current fleet of B747-200 airplanes while B 787-8 Dreamliners will replace its aging A 310 fleet.