Air India is the first airline in the country to purchase aircraft from an agency registered with Gujarat International Fintech City (GIFT City).
Air India said on Friday that it had completed the purchase of India’s first Airbus A350-900 aircraft from a financial institution under a loan agreement with HSBC. This is the first financial transaction in the airline’s order record for 470 aircraft.
According to the statement issued by the airline, Air India is the country’s first scheduled carrier to have acquired an aircraft from an entity registered in Gujarat International Finance Tec-City (GIFT City).
Air India’s first A350-900 is also the first widebody aircraft leased through India’s first International Financial Services Centre (IFSC).
The statement added that the transaction was facilitated by AI Fleet Services Limited (AIFS), a 100% subsidiary of Air India and a GIFT IFSC-registered finance company.
Nipun Aggarwal said: “This fundamental change marks the beginning of GIFT IFSC’s aircraft leasing business as AIFS will become the primary aircraft leasing operator for the Air India Group, which will play a role in our and our company’s future financial plans.”
This is also a shot. We rolled up our sleeves to help India establish a strong aviation ecosystem. As the country’s flag carrier, Air India is proud to support India,” said Air India’s Chief Commercial and Transformation Officer.
Aggarwal added: “The Government of India is a GIFT to IFSC’s efforts in establishing aircraft leasing facilities.
“Government of India has adopted various strategies in aircraft leasing,” said Dr. Dipesh Shah, Director General, IFSCA.
Air India has set up a financial institution in the field of aircraft leasing and financing of IFSC. Shah added: “We are promoting IFSC in India and globally. We are determined to make it the main target for aircraft leasing and financing.”
It is planned to deliver the main aircraft in India by the end of this year and March 2024. In addition to the six Airbus A350-900 aircraft, the company’s firm order for 470 new aircraft includes 34 A350 aircraft.
1000, 20 Boeing 787 Dreamliners, 10 Boeing 777X wide body aircraft and 140 Airbus A320neo, Airbus A321neo and Airbus A321neo aircraft. The Boeing 737MAX 190 is registered with the number A321NEOCov.
Air India had signed purchase agreements to acquire these aircraft with Airbus and Boeing on the sidelines of the Paris Air Show held in June 2023.
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