Sydney: Australian flag carrier Qantas and Japan Airlines on Thursday boosted their stakes in Jetstar Japan by injecting a combined AusUSD120 million (USUSD113.6 million) into the budget carrier.
Since it began flying in July last year, Jetstar Japan has become the country`s largest budget airline and the money will help it expand further.
"The equity injection will support Jetstar Japan`s future fleet and infrastructure growth, enabling the carrier to capitalise on the significant potential of the low-cost carrier market in the world`s third largest economy," Qantas said in a statement to the Australian stock exchange.
The combined equity injection, in the form of non-voting shares, will see Qantas`s and Japan Airlines` stakes in the carrier increase from 41.7 percent each to 45.7 percent.
Mitsubishi Corporation and Century Tokyo Leasing Corporation`s holdings decrease from 8.3 percent each to 4.3 percent.
Jetstar Japan started operations in July last year and now operates a fleet of 18 aircraft to nine domestic destinations. It expects to grow the fleet to 24 planes.