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Jet Airways to Sell Three Boeing 777 Airframes and Six Engines for $46 Million

Jet Airways Sells Three Boeing 777 Airframes and Six Engines for $46 Million
Grounded Indian carrier Jet Airways has entered into an agreement to sell three Boeing 777 aircraft frames along with six engines to Malta-based Ace Aviation for $46 million (over ₹417 crore). This transaction, disclosed in a filing to the Bombay Stock Exchange on Wednesday, represents a significant step in the ongoing liquidation of the airline, which ceased operations in April 2019 amid mounting financial difficulties.
Details of the Sale
The sale encompasses three wide-body Boeing 777 airframes, identified as MSN 35159 (VT-JES), MSN 35158 (VT-JEV), and MSN 35162 (VT-JEM), together with six engines. The transaction is divided as follows: MSN 35159 and its two engines (ESN 906336, 906364) were sold for $16 million; MSN 35158 and its engines (ESN 906353, 906298) fetched $12.5 million; and MSN 35162 with its engines (ESN 906351, 906337) was sold for $17.5 million. It is important to note that the aircraft frames refer to the basic structural components of the planes, excluding engines and avionics.
Context and Industry Implications
Jet Airways, which operated for 25 years and once maintained a fleet exceeding 120 aircraft, was compelled to suspend operations in April 2019 due to severe financial distress and unpaid employee salaries. At the time of its shutdown, the airline owned approximately 16 aircraft. The final Jet Airways flight, S2-3502, departed Amritsar on April 17, 2019, arriving in Mumbai shortly after midnight the following day.
Following its collapse, Jet Airways entered insolvency proceedings under India’s Insolvency and Bankruptcy Code (IBC). Despite a resolution process that identified a winning bidder, efforts to revive the airline were unsuccessful due to various complications. After extended legal disputes, the Supreme Court ordered the airline’s liquidation in November 2024.
The sale of these aircraft assets occurs amid a challenging global aviation landscape. The market for used wide-body aircraft and engines is currently influenced by broader industry trends, including delivery delays and production adjustments by major manufacturers. Boeing, in particular, faces setbacks with its 777X program, including technical concerns related to the durability of the GE9X engine. These issues may impact market perceptions and the appetite of potential buyers, including airlines seeking fleet expansion and companies operating in the secondary market for aircraft components.
Jet Airways has previously divested other assets, such as the transfer of its Mumbai office lease for over ₹370 crore in August of the previous year. Trading in Jet Airways shares remains suspended due to procedural constraints.
The sale to Ace Aviation highlights the continued dismantling of Jet Airways’ remaining assets, marking the gradual closure of the airline’s once-prominent legacy amid a difficult environment for both the company and the wider aviation sector.

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