Jet Airways to repay $600 mn debt by March

The Naresh Goyal-led Jet Airways said on Monday it will retire $600-million (Rs. 3,240 crore) debt by this fiscal year end by way of sale and lease back of some its aircraft.

The Naresh Goyal-led Jet Airways said on Monday it will retire $600-million (Rs. 3,240 crore) debt by this fiscal year end by way of sale and lease back of some its aircraft.

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"We have been steadily repaying our debt, both working capital and working capital loans. By March, we expect our debt to come down to $1.96 billion from the current $2.3 billion and we would have repaid over $600 million of our debt this fiscal," Jet Airways chief financial officer Ravi Shankar G told analysts in a post-earnings conference call on Monday.

The total debt on the company's balance sheet stood at R12,000 crore by the end of the September quarter. It was $2.4 billion in the June quarter, he said.

The company also said it will soon lease out some of its A330s, which are currently grounded after the airline pulled out from certain international routes.

"These aircraft are expected to fetch a rental of $1 million per aircraft per month," company's vice president for commercial strategy and investor relations KG Vishwanath said.