Air India on Friday stated it efficiently acquired India’s first Airbus A350-900 plane by means of a finance lease transaction with HSBC. It is the airline’sfirst financing transaction from its record-setting orders for 470 plane.

According to the assertion issued by the airline, Air India is the nation’s first scheduled provider to have acquired an plane from an entity registered in Gujarat International Finance Tec-City (GIFT City).

Air India’s first A350-900 can also be the primary widebody plane to have been leased by means of India’s first International Financial Services Centre (IFSC). The transaction was facilitated by AI Fleet Services Limited (AIFS), a 100% subsidiary of Air India, and a GIFT IFSC-registered finance firm, the assertion added.ALSO READ: DGCA suspends Air India’s flight safety chief for one month over lapses

“This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group entity for widebody aircraft financing, playing a pivotal role in the future aircraft financing strategy for us and our subsidiaries”, Nipun Aggarwal, Chief Commercial & Transformation Officer, Air India, said in the statement.“It is also a shot in the arm for the development of a robust aviation ecosystem in India. As a flag-bearer of the country, Air India is happy to support the Government of India’s efforts to develop an aircraft leasing hub in GIFT IFSC,” stated”, Aggarwal added.

Dr. Dipesh Shah, executive director, IFSCA, said“The government of India has taken several initiatives to develop the aircraft leasing ecosystem at IFSC in India. IFSCA 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 long way in developing IFSC as a preferred destination for aircraft leasing and financing in India as well as globally,” Shah added.

The first of Air India’s six Airbus A350-900 is anticipated to reach in India by the top of this yr, with the rest plane scheduled for deliveries by means of March 2024.

In addition to the six Airbus A350-900 plane, the airline’s agency orders for 470 new plane embody 34 A350-1000, 20 Boeing 787 Dreamliners, 10 Boeing 777X widebody plane, in addition to 140 Airbus A320neo, 70 Airbus A321neo and 190 Boeing 737MAX narrowbody plane.

Air India had signed buy agreements to accumulate these plane with Airbus and Boeing on the sidelines of Paris Air Show held in June 2023.

Exciting information! Hindustan Times is now on WhatsApp Channels Subscribe at present by clicking the hyperlink and keep up to date with the newest information! Click here!