JAL plans to file an application with the TSE as early as this month to relist its shares, and will make preparations assuming that its application will be approved on August 16, and that its shares will start trading on September 19, Nikkei said.

At the time of relisting, JAL will be valued at nearly 600 billion yen to 700 billion yen, beating rival All Nippon Airways Co's (9202.T) current total market value of about 550 billion yen, the Japanese daily said.

The government-backed Enterprise Turnaround Initiative Corp of Japan ETIC.L, which has invested about 350 billion yen in JAL, aims to sell off about 96 percent of its stake by January 2013 once the stock is relisted, the daily reported.

Receiving debt forgiveness and public fund assistance, JAL had embarked on large-scale business restructuring efforts, including 16,000 job cuts, the Nikkei said. (Reporting by Aditi Shrivastava in Bangalore; Editing by Joyjeet Das)

• A Permanent Economic Emergency