Mumbai, Sep 2 (IANS): Airlines major Jet Airways on Wednesday said its low cost subsidiary Jet Lite will merge with it, so as to reap benefits out of shared synergy in terms of compliance, governance and costs.

According to the company, board of directors of both the airlines approved the merger of Jet Lite with Jet Airways, which is subject to compliance and consent with all applicable laws and regulatory requirements.

"Jet Airways has made demonstrable progress in the implementation of its three-year turnaround strategy with the objective of returning to profitability," said Naresh Goyal, chairman of Jet Airways.

"The merger of Jet Lite into Jet Airways is a key step to strengthen Jet Airways' operations and create a seamless organisation, delivering exceptional service to its guests."

Wednesday's approval by the board of directors of both the airlines follows an earlier decision taken by the company to streamline its domestic operations and create an uniform master brand.

The three-year turnaround strategy and synergies from the strategic alliance with Etihad Airways also gained further momentum with an improved performance for the first quarter of the current fiscal.

The company had posted a consolidated profit of Rs.226 crore for the quarter ended June, 2015 from a net loss of Rs.258 crore from corresponding period of last fiscal.

Both the airlines had a combined domestic market share of 22.8 percent in July.

Currently, Jet Airways Group operates a fleet of 116 aircraft to 73 domestic and foreign destinations.