Jet Airways, India’s largest carrier by passengers, will cut debt by turning rupee loans into dollar-denominated loans. It will also raise money through the development of land it owns, and in a now highly familiar move the airline will sell at least 20 737s and lease them back. The plan is aimed at reducing Jet’s massive Rs.13,737 crore debt burden. Jet says it will save $15 million annually by converting rupee loans into dollar loans. The airline will have only Rs.500-800 crore as high-cost loans while working capital loans are still carrying 12% interest rates. Jet’s liability on aircraft-related loans

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