New Delhi, May 3 (IANS) Amid faint possibility of grounded Jet Airway's revival anytime soon, the Civil Aviation Ministry is now considering re-allocating the airline's foreign traffic rights to rival carriers such as Air India, SpiceJet and IndiGo.

 A meeting was held on Friday to discuss the issue. Civil aviation secretary Pradeep Singh Kharola chaired the meeting which was attended by officials of Directorate General of Civil Aviation (DGCA) and senior airline executives. 

The move suggests government wants local carriers to deploy capacity on international routes from where Jet AirwaysNSE 0.93 % has withdrawn operations due to severe fund crunch. 

While reallocation of traffic rights would ensure additional capacity on various popular foreign routes thus reducing fare level, it will significantly affect the valuation of Jet Airways. 

Official sources told that local carriers have set sight on lucrative routes such as Mumbai-London, Delhi-Dubai and Mumbai-Paris and want the government to distribute slots for these sectors.