New Delhi, February 11 Grounded Jet Airways has finalized an agreement to sell three aircraft frames and six engines to a Malta-based entity for USD 46 million.
Jet Airways operated for 25 years before ceasing operations in April 2019 due to financial difficulties and is currently undergoing a liquidation process.
In a filing to the BSE on Wednesday, the airline stated that it has finalized the sale and purchase agreement and related documents for three aircraft frames and six engines.
The total value of the deal with Malta-based Ace Aviation is USD 46 million, which translates to over Rs 417 crore at current exchange rates.
The aircraft frames MSN 35159 - VT-JES, and engines ESN – 906336 and ESN - 906364, will be sold for USD 16 million, while the aircraft frame MSN 35158 - VT-JEV, as well as engines ESN – 906353 and ESN -906298 will be sold for USD 12.5 million, according to the filing.
Furthermore, the aircraft frame MSN 35162 - VT-JEM and engines ESN - 906351 and ESN - 906337 will be purchased by the Malta-based entity for USD 17.5 million.
All three frames are of wide-body Boeing 777 aircraft.
Generally, the term "aircraft frame" refers to the basic body of an aircraft without any components.
The once-successful Jet Airways ceased operations in April 2019, following financial difficulties and subsequently, lenders referred the struggling airline to the Insolvency and Bankruptcy Code (IBC) for resolution.
Under the insolvency resolution process, the winning bidder was unable to implement the resolution plan due to various issues, and after protracted legal proceedings, the Supreme Court, in November 2024, ordered the liquidation of the carrier.
In August last year, Jet Airways had finalized an agreement to transfer the lease of its office space in Mumbai to an entity for a little over Rs 370 crore.
Currently, trading in the shares of Jet Airways remains suspended due to procedural reasons.
At its peak, Jet Airways had over 120 aircraft. When operations ceased due to mounting debt and unpaid salaries, the airline had around 16 aircraft.
On April 17, 2019, the airline's last flight, S2-3502, took off from Amritsar around 10.30 pm and arrived at Mumbai's Chhatrapati Shivaji International Airport at 12.22 am on April 18.