UPDATE 3-India's Jet Airways to restructure after record loss
* Maps out three-year restructuring plan
* Expects return to profit in FY 2017
* Names new CEO from Air Seychelles, fourth in a year
* Shares suffer worst session in a year
* Abu Dhabi's Etihad owns 24 percent stake (Adds company, analyst comment)
By Devidutta Tripathy
NEW DELHI, May 27 (Reuters) - Jet Airways Ltd laid out a three-year restructuring plan on Tuesday vowing to take tough measures to return India's No. 2 airline by market share to profit after posting its worst ever loss.
All but one of India's big airlines loses money, with high costs, low fares and heavy competition which is likely to increase with two new carriers set to enter the market this year.
Kingfisher Airlines, once the No.2 player, grounded its fleet in 2012 for want of cash. Continued...