NEW DELHI — India will expedite the procurement of the Swiss Pilatus PC-7 Mk. 2 trainer and the Indian air force (IAF) will begin training courses on the new turboprop aircraft starting in July 2013, the country’s defense minister says. The contract for 75 trainers, signed in May, is worth more than 500 million Swiss francs ($520 million). Deliveries will begin in February 2013 and last until August 2015.

Indian carrier Jet Airways plans to sell and lease back its aircraft as one of several measures to improve cash flow and profitability. “We are looking at more sale and lease-back options in the current quarter in addition to those done in the previous two quarters. This will result in cash surplus and consequential reduction in the working capital loans, as well as [the] lowering of interest cost going forward,” said CFO Ravishankar Gopalakrishnan during a fiscal second quarter results conference call.

NEW DELHI — Sweden’s Saab will invest $37.5 million in Indian private sector defense shipyard Pipavav. “Finalization of the investment is expected to be made within three months, under the condition it meets the necessary approval of the shareholders meeting of Pipavav Offshore and Defense Engineering Ltd. (Pipavav) and government approvals,” according to Saab. “After the investment, Saab will hold approximately 3.5% of the capital and votes in Pipavav.”