The aircraft leasing business from GIFT City in Gujarat is picking up its pace slowly. Now, another lessor ModAir Aviation has inducted a new aircraft in its fleet. Various big firms are setting up leasing business in the GIFT City.
ModAir Aviation Expands Fleet
Aircraft lessor based out of GIFT City, ModAir Aviation has announced the induction of its fifth aircraft. The aircraft, a Tecnam P-Mentor is a two seater aircraft, which was ferried to Ahmedabad for delivery flight. This aircraft has been imported and leased via GIFT City. Soon, this aircraft will be leased to a Flying Training Organization waiting to take off from Karnataka, India. By the end of this financial year, it will be inducting 6th aircraft as well.
Director of ModAir, Atul Jain expressed his enthusiasm over the new aircraft delivery. He said that the leasing firm is carrying forward the vision of Prime Minister Narendra Modi to make GIFT City, an aircraft leasing hub in Asia. The lessor is currently focusing on deliveries to Flying Training Organizations and Non-scheduled commercial operators operating charter flights.
Ashish Jaiswal, CEO of ModAir thanked the Government of India and authorities of GIFT City for their cooperation in seamless aircraft induction.
Leasing Business Increasing From GIFT City
The leasing business at GIFT City started when Vman Aero Leasing Private Limited leased two ATR 72 turboprop aircraft to Big Charter Services Pvt Ltd AKA FlyBig Airlines. Since then, general aviation aircraft and helicopters have been leased from GIFT City. Vman Aero even leased a few helicopters internationally.
All eyes went towards Aircraft Leasing Business in GIFT City, when Air India planned an investment. Air India announced that it will be leasing the initial 6 Airbus A350-900 aircraft from its own leasing firm in IFSC GIFT City. It set up a leasing firm named AI Fleet Services Private Limited.
AIFSL in collaboration with Japanese Lender Sumitomo Mitsui Banking Corporation (SMBC) did the partial financing of Air India’s first Airbus A350 registered as VT-JRA.
Soon after Air India, two major players – Interglobe Aviation and Adani Group also entered into this business. Interglobe Aviation is parent company of IndiGo and Adani Group is the operator of seven major International Airports in India. IndiGo announced that it will be leasing 10 Airbus A320 jets from its GIFT City based firm – Interglobe Aviation Financial Services Limited.
Source : ANI