Delta Air Lines is in discussions to take an equity stake in Japan Airlines, aiming to secure a strategic partnership between the two carriers and tip the balance of power among the world’s global aviation alliances.

A deal would mark the latest in a series of bold moves by Delta, which since its emergence from bankruptcy protection in 2007 has cemented a joint venture with Air France-KLM and merged with Northwest Airlines to create the world’s largest carrier. For JAL, the investment would infuse several hundred millions of dollars of cash in a company burdened by mounting losses and Y721bn ($8bn) in net debts.