Jet Airways to sell six B777s, phase out B737s

India’s Jet Airways plans to sell six B777s in a sale and leaseback deal with undisclosed aircraft lessors. The proceeds from the transaction is expected to clear most of the carrier’s aircraft-related debt, which stands at roughly US$249 million.

Jet will also finance the purchase of its 225 B737 MAX on order via sale and leaseback deals. Five MAX aircraft have already been delivered to the carrier in the current fiscal 1H, with another six due for delivery in the 2H.

For the ten aircraft the Jet Airways currently owns, they may end up being sold as well, however no decision has been taken.

Additionally, the carrier will phase out its 75 older B737s by 2025, while delivery of 15 new B737 MAX are expected in fiscal 2020.