IndiGo, one of India’s prominent airlines, has received approval from its board to set up an aircraft leasing unit in Gujarat’s GIFT City. The company plans to invest Rs 30 crore in this endeavor over the next three years. Additionally, IndiGo will provide corporate guarantees of up to $996 million to secure the payment obligations of the leasing unit. Last month, Air India, another major Indian airline, established its aircraft leasing unit in GIFT City.
In another development, IndiGo’s board has approved an order for an additional 10 A320neo family aircraft from European aircraft manufacturer Airbus. This order amendment increases the size of the 2019 order from 300 to 310 A320neo family planes. The airline’s original 2019 order is scheduled for delivery by 2030.
The Tata group-owned Air India also placed a significant aircraft order in February, with 250 aircraft from Airbus and 220 from Boeing, totaling 470 aircraft.