Air India acquires first A350-900 via GIFT City
Air India has acquired its first Airbus A350-900 aircraft through a finance lease transaction with HSBC, the Tata group carrier announced yesterday. Apart from being the first aircraft financing transaction from Air India’s massive 470-plane order, it is also the first such transaction by a scheduled airline through India’s first International Financial Services Centre (IFSC) in the Gujarat International Finance Tec-City (GIFT City).
The transaction was facilitated by AI Fleet Services Limited (AIFS), a wholly owned subsidiary of Air India, and a GIFT IFSC-registered finance company, the airline said in a release. Air India did not provide details of the transaction.
“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. 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,” Nipun Aggarwal, Chief Commercial and Transformation Officer, Air India said.