Published on April 22nd, 2021 | by Alan Dwyer0
GECAS Arranges Purchase Leaseback Agreements with IndiGo
Shannon based GECAS has agreed a Purchase/Leaseback arrangement for 14 aircraft with Indian airline, IndiGo Airlines. The deal covers seven Airbus A320neo and seven A321neo aircraft that are scheduled to be deliverd between the fourth quarter of 2021 and the middle of 2022. IndiGo Airlines is currently India’s largest airline by passengers carried and fleet size, GECAS has supported the fleet needs of IndiGo since it commenced operations in 2006.
Commenting on the deal, Aashish Sonawala, Senior Vice President and Asia-Pacific Regional Manager of GECAS said, “GECAS remains proud to support IndiGo’s exciting growth over the past 15 years, and adding these 14 neo’s is a true honour.” Also commenting was John Bordeaux, GECAS’ Chief Investment Officer who added that “While putting our own capital to work, GECAS’ strategic platforms are providing additional capacity to meet the needs of our global customer relationships. We’re very pleased to lend our extensive expertise and network to identify the best opportunities for our investment partners.”
IndiGo Airlines has a fleet of nearly 300 aircraft, with the airline is operating around 1200 daily flights that connect to 66 domestic destinations and 24 international destinations. Being a low-cost carrier, IndiGo does not provide complimentary meals on any of its flights, though it does have a buy-on-board in-flight meal programme