Air India Created History! acquire its inaugural A350-900 Aircraft

Air India achieved a significant milestone on Friday when it finalized the acquisition of its inaugural A350-900 aircraft. This remarkable feat was accomplished through a finance lease transaction with HSBC, orchestrated within the premises of GIFT City. This transaction marks not only the induction of Air India’s maiden wide-body aircraft through GIFT City but also sets the stage for the country’s inaugural International Financial Services Centre (IFSC).

The pivotal transaction was executed with the assistance of Air India’s wholly-owned subsidiary, AI Fleet Services Ltd (AIFS). It holds a distinction as the maiden financing transaction within the ambit of the orders for 470 aircraft placed earlier this year.

Amid its ambitious transformation endeavors, Air India has set its sights on receiving the first A350-900 aircraft in India by the conclusion of this year. In an official statement, the airline proudly proclaimed the successful acquisition of India’s premier Airbus A350-900 aircraft via a finance lease transaction with HSBC.

Air India’s Chief Commercial & Transformation Officer, Nipun Aggarwal, said that this landmark transaction marks the beginning of their 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 aircraft acquisition portfolio encompasses a variety of models. The airline has ordered six A350-900 planes, with five slated for delivery by March 2024. In addition to these, Air India has firm orders for 470 new aircraft, including 34 A350-1000s, 20 Boeing 787 Dreamliners, 10 Boeing 777Xs, 140 A320 neos, 70 A321 neos, and 190 Boeing 737MAXs. The acquisition agreements with Airbus and Boeing were inked in June of this year.

Currently, Air India’s fleet comprises a total of 116 aircraft, encompassing 49 wide-body aircraft. The breakdown includes 27 B787-8s, 14 B777-300s, 8 B777-200LRs, 14 A319s, 36 A320 neos, 13 A321 ceos, and 4 A321 neos.