Airport major Adani enters aircraft leasing space after AI & IndiGo – Times of India

NEW DELHI: The Adani Group has entered the space of aircraft leasing by opening a company in Ahmedabad’s Gift City, close on the heels of the biggest Indian carriers — Air India and IndiGo — doing so. The infra major, which operates seven airports including Mumbai and is building the Navi Mumbai Airport, has this week created Udanvat Leasing IFSC Ltd with an authorised and paid-up share capital of Rs 2.5 crore.
In a regulatory filing this Monday (October 23), Adani Ports said: “Adani Ports and Special Economic Zone Limited (APSEZL) has incorporated a wholly owned subsidiary company ‘Udanvat Leasing IFSC Ltd” on October 23, 2023…. Udanvat is incorporated with object to carry out business activity of owning and leasing of Aircraft… Udanvat is incorporated in GIFT city, Gandhinagar…”

Watch: Air India Express unveils vibrant new look at Mumbai Airport

Tata Group’s Air India and IndiGo together have almost 1,500 aircraft on order. Akasa is going to place a triple digit order for planes this year on top of its earlier order for 76 aircraft. Given the fact that India is the world’s fastest growing aviation market and that well funded players like Tata and IndiGo are in the airline business, the Modi government has been keen to bring aircraft leasing to India — something traditionally done by Indian carriers from foreign shores like Ireland. It is offering significant incentives to companies registered in GIFT City and is creating the aircraft leasing ecosystem in India.
These efforts are paying off. Air India recently became the first scheduled Indian airline to have acquired an aircraft — that too a widebody Airbus A350 — from an entity registered in Gujarat International Finance Tec-City (GIFT City). This transaction was facilitated by AI Fleet Services Limited (AIFS), a 100% subsidiary of Air India, and a GIFT IFSC-registered finance company.
IndiGo will also set up a wholly owned subsidiary at IFS Gift City to financially lease aircraft.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *