Air France KLM and Airbus said they had started exclusive talks to create a joint venture dedicated to providing components support for the Airbus A350 airliner.

The joint venture would involve the transfer of aircraft components assets belonging to both partners into the joint venture's pool, the companies said in a statement, with the venture aiming to be operational by the first half of 2024.

"This project aims to bring customers the best expertise of our two companies on a product as high-tech as the A350," said Anne Brachet, executive vice president at Air France KLM engineering and maintenance. (Reporting by Sudip Kar-Gupta; editing by Jason Neely)