Jet Airways to sell one of its Boeing 777 aircraft to Netherland’s KLM

Jet Airways is selling one of its six Boeing 777 aircraft to KLM to settle pending aircraft loan and meet insolvency resolution expenses in the Netherlands. A conditional agreement between the two airlines was signed on Monday and notified to the stock exchange on Friday.

As a part of the agreement, Dutch airline KLM will purchase a Jet Airways Boeing 777 aircraft, which was seized in Amsterdam last April, along with the grounded airline’s marketing data and catering equipment. It has sought three slot pairs held by Jet Airways at Amsterdam airport and hopes to use them to increase services to India.

The deal value has not been disclosed, but sources said could fetch the airline around $23 million.