Tata-owned Air India has achieved a historic milestone because it efficiently acquired India’s first Airbus A350-900 aircraft through a finance lease transaction with HSBC through theGujarat International Finance Tec-City (GIFT City). This can be the first wide-body aircraft to be leased through the GIFT City, the nation’s first International Financial Services Centre (IFSC).
According to the assertion issued by the airline, the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and can be the first financing transaction from the orders for 470 aircraft that had been made earlier this yr.
Air India’s first A350-900 first widebody aircraft to be leased through IFSC
“Air India’s first A350-900 is also the first widebody aircraft to have been leased through India’s first International Financial Services Centre (IFSC). The transaction was facilitated by AI Fleet Services Limited (AIFS), a 100 per cent subsidiary of Air India, and a GIFT IFSC-registered finance company,” the airline stated.
Air India, owned by the Tata Group and presently present process an bold transformation plan, anticipates that the first A350-900 aircraft will likely be delivered to India by the yr’s finish.
“This landmark transaction marks the start of our aircraft leasing enterprise from GIFT IFSC, as AIFS would be the main Air India Group entity for widebody aircraft financing, enjoying a pivotal function sooner or later aircraft financing technique for us and our subsidiaries,” Nipun Aggarwal, Chief Commercial & Transformation Officer, Air India, stated within the assertion.
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International Financial Services Centres Authority (IFSCA) Executive Director Dipesh Shah stated it has been working with the stakeholders to develop regulatory enablers for aircraft leasing and financing. “The steps taken by Air India by establishing a finance company for the purpose of aircraft leasing and financing at IFSC will go a long way in developing IFSC as a preferred destination for aircraft leasing and financing in India as well as globally,” he added.
Air India ordered six A350-900 planes
The airline has positioned an order for six A350-900 aircraft, and supply is deliberate for 5 of them by March 2024. In addition to those, the airline’s confirmed orders for brand new aircraft encompass 34 A350-1000s, 20 Boeing 787 Dreamliners, 10 Boeing 777Xs, 140 A320 neos, 70 A321 neos, and 190 Boeing 737MAXs.
In June this yr, Air India entered into buy agreements with Airbus and Boeing for the acquisition of those aircraft. Presently, Air India operates a fleet of 116 aircraft, which incorporates 49 wide-body planes. The whole contains 27 B787-8s, 14 B777-300s, 8 B777-200LRs, 14 A319s, 36 A320 neos, 13 A321 ceos and 4 A321 neos.
Tata Group is presently within the technique of streamlining its airline enterprise. As a part of this consolidation effort, AIX Connect is about to merge with Air India Express, and Vistara will merge with Air India. Vistara is a three way partnership between Tatas and Singapore Airlines, which holds a 49 per cent stake within the provider.
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(With PTI inputs)
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