Jet Airways Ltd, India's largest airline, plans to sell and lease back aircraft it owns to raise up to $300 million over the next six months and cut its debt. The airline, which has a near-quarter local market share, intends to sell and lease back part of the 40 planes that it owns. Loss-making Jet, which has a total debt of about $2.7 billion, plans to retire about 15 billion rupees by the end of March. It also plans to use money from a land deal in central Mumbai to pare debt. Jet had signed a deal with Indian builder Godrej Properties to develop part of its land bank in Mumbai into an office complex. The airline has a fleet of 100 Airbus, Boeing and ATR aircraft, and plans to take 5-6 Boeing 737 planes on lease to expand operations.
