Air India: Tata Group’s Air India acquired the first A350 aircraft through Gift City, know why it is special

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Air IndiaAir India, owned by Tata Group, got a big success on Friday. The airline has completed the acquisition of the first A350-900 aircraft through GIFT City. Giving information about this, the company said that the acquisition work has been completed through finance lease transaction with HSBC. Let us tell you that the company had recently signed a deal for 470 aircraft. This aircraft of Air India is the country’s first ‘wide body’ aircraft, which has been taken on lease through International Financial Services Center (IFSC) GIFT City. Nipun Aggarwal, Chief Commercial and Transformation Officer, Air India, said that this important transaction marks the beginning of our aircraft leasing business from GIFT IFSC. AIFS will be the first entity of the Air India Group for wide body aircraft financing, which will play an important role in the future aircraft financing strategy for us and our subsidiaries.

Air India has 116 aircraft in its fleet.

Deepesh Shah, executive director of the International Financial Services Center Authority (IFSCA), said it is working with stakeholders to develop regulatory capacity for aircraft leasing and financing. Air India had signed purchase agreements with Airbus and Boeing in June this year to acquire these aircraft. Currently Air India has a fleet of 116 aircraft, which includes 49 ‘wide body’ aircraft. At the same time, Tata Group is in the process of strengthening its airline business, under which AIX Connect is being merged with Air India Express and Vistara will be merged with Air India. Vistara is a joint venture between Tata and Singapore Airlines. Singapore Airlines holds a 49 percent stake in the carrier.

The company signed the deal on June 20

On June 20, Air India had signed an agreement to purchase 470 aircraft from Airbus and Boeing for about $ 70 billion at list price. The Tata Group-owned airline had said in February this year that it would buy a total of 470 aircraft, including widebody aircraft, from the two aircraft manufacturers. The airline had said in a statement that this firm order includes 34 A350-1,000, six A350-900, 20 Boeing 787 Dreamliner and 10 Boeing 777 Includes aircraft. This purchase agreement was signed on the sidelines of the Paris Air Show. Air India had said that the agreement is the next step in the $70 billion fleet expansion program announced by it in February. After the deal, Air India was to start supplying new aircraft with Airbus A350 from this year itself. The company has said that Air India will start receiving most of the aircraft from mid-2025. N Chandrasekaran, Chairman, Tata Sons and Air India, said that this historic step further strengthens Air India’s position towards long-term growth and success. We sincerely hope that we will come together and represent modern aviation to the world.

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