Air India, owned by Tata, has acquired its first Airbus A350-900 aircraft through a finance lease transaction with HSBC. This marks Air India's first financing transaction following a mega-order deal to acquire 470 aircraft from Airbus and Boeing. The A350-900 can accommodate 300–350 passengers and fly on ultra-long-range routes of up to 18,000 kilometres non-stop.
The first of Air India's six A350-900s is expected to arrive in India by the end of the year, with the remaining deliveries scheduled through March 2024. The 470 aircraft deal also includes various other models such as the A350-1000, Boeing 787 Dreamliners, Boeing 777X, Airbus A320neo, Airbus A321neo, and Boeing 737MAX.
This transaction has several firsts, including Air India being the first scheduled carrier to acquire an aircraft from an entity registered in Gujarat International Finance Technology City (GIFT City). Additionally, the first A350-900 is the first widebody aircraft to be leased through India's first International Financial Services Centre (IFSC). The transaction was facilitated by AI Fleet Services (AIFS), a subsidiary of Air India and a GIFT IFSC-registered finance company.
The government of India aims to develop an aircraft leasing hub in GIFT IFSC, and the International Financial Services Centre Authority (IFSCA) has been working with stakeholders to develop regulatory enablers for aircraft leasing and financing. Air India's establishment of a finance company for aircraft leasing and financing at IFSC is seen as a significant step towards developing IFSC as a preferred destination for such activities in India and globally.
Ⓒ Copyright 2023. All Rights Reserved Powered by Vygr Media.
