Mitsubishi’s (TYO:8058) 16 per cent stake in Australian budget airline Jetstar Japan is set to halve as the carrier seeks a new partner.
The Qantas Airways Limited (ASX:QAN) subsidiary is currently held by Mitsubishi, Qantas and Japan Airways, who all have equal voting rights.
But chief executive Bruce Buchanan’s told News Ltd the joint-venture partners are targeting $1 billion of revenue within two years of its scheduled start date of late next year, and he expects transactions with a new partner to be completed within the next three to four months.
Twenty-four aircraft have been committed to the venture, which has $150 million of start-up capital.
In the 2011 financial year Qantas reported a net profit of $249 million.
