Air India on September 29 said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.
on Friday said it successfully acquired India’s first Airbus A350-900 aircraft through a finance lease transaction with HSBC. It is the first financing transaction from its record-setting orders for 470 aircraft.
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
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).
“This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary 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, said in the statement.“It is also a shot in the arm for the development of a robust aviation ecosystem in India.
Tata Group’s airline business consolidation
The Tata Group is currently streamlining its airline business by merging AIX Connect with Vistara with Air India.
Vistara is a partnership between Tata and Singapore Airlines, with Singapore Airlines owning a 49% stake in the airline.
This consolidation aims to bolster the group’s standing in the aviation industry and optimize operations across its various airline entities.
