Jet Airways (India) Ltd is in talks to raise as much as $800 million from the sale and leaseback (SLB) of 16 aircraft owned by the airline, according to a person close to the development.
The cash-strapped airline has 124 aircraft in its fleet, including 16 that it owns—10 Boeing 777, three Airbus A 330 and three Boeing 737. The rest are on lease.
The airline, owned by Naresh Goyal, is in talks with several parties for sale and leaseback of the 16 aircraft it owns and hopes to complete the process soon, said the person mentioned above, who didn’t want to be identified.
A sale and leaseback is a transaction in which the owner sells the aircraft, and then takes it back on lease from the buyer. This kind of deal typically removes the aircraft, and its associated debt, from the carrier’s balance sheet. Read More