Air India completes acquisition of its first A350 aircraft through GIFT City

Air India on September 29 said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.

Air India on September 29 said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.

This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC).

In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Limited (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.

Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year.

According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC.

"This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group entity for wide body aircraft financing, playing a pivotal role in the future aircraft financing strategy for us and our subsidiaries," Air India's Chief Commercial & Transformation Officer Nipun Aggarwal said.