Air India is expected to raise about USD 600 million (around Rs.3,200 crore) by selling seven planes as part of a plan to pare its debt by March.

Of the seven aircraft, five Boeing 777-200 long-range planes will be sold and taken back on lease for 12 years, while two Boeing 747-400 aircraft are meant for outright sale as per a report in Mint by P R Sanjai.

Sale of the five 777-200s will alone fetch the carrier $500 million, and the 747s are expected to fetch $30 million each, they said.

Air India has also sought the Reserve Bank of India’s (RBI) approval for a special arrangement to treat the company’s debt, if the carrier fails to pay dividends due to the banks within the prescribed eight-quarter limit.