Business

Debt-Laden Jet Airways To Sell Six Boeing 777 Planes To Reduce Its Debt

JAVED SAIFI | 0
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| November 14 , 2018 , 13:45 IST

Jet Airways a major Indian international airline to sell six Boeing 777 planes to reduce its debt, media reported on Wednesday.

According to reports, after the sale of six Boeing 777 planes, the airline will be able to reduce its debts by Rs 1,800 crore which stood at Rs 8,052 crore quarter ended on September 30, 2018.

Jet Airways chief financial officer Amit Agarwal was quoted by the live mint as saying, “The airline has identified six Boeing 777 aircraft, which it will sell to lessors under sale and leaseback and use the proceeds to pay most of the aircraft debt.” 

Also Read: Etihad Airways Invests $35 Million Into Debt-Laden Jet Airways

The airline which currently going through financial crises got $35 million in investments from UAE-based Etihad Airways, one of the largest stakeholders in the airline.

The investment was aimed at supporting and financially restructuring the airline. After the investments of $35 million, Etihad Airways has a 24 percent stake in Jet Airways.

In the month of August, Jet Airways approached non-banking financial companies (NBFCs) to raise around Rs 1,500-2,000 crore in funds against its forward sales funds.

In the first quarter of this year, Jet Airways got $300 million of liquidity.

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