A firm sale and leaseback contract for 34 CFM56-5B engines installed on its Airbus A320 family aircraft has been signed by Air India with Willis Lease Finance Corporation.
The engines will be covered by the ConstantThrust® program from Willis Lease, which will provide significantly greater reliability and cost savings than a conventional MRO shop visit program. This is the first ConstantThrust® sale and leaseback deal by an Indian carrier for aircraft engines.
Willis Lease will buy 34 engines from Air India as part of the sale portion of the deal, and these engines will power 13 Airbus A321 and 4 Airbus A320 aircraft. Willis Lease will offer replacement and backup spare engines through ConstantThrust®, saving Air India from potentially expensive and unpredicted shop visits on the engines supplying a fleet of transitioning aircraft.
Willis Lease is a top global aviation finance firm with its headquarters in Florida, USA. It specializes in leasing, financing, and managing aircraft, spare commercial aircraft engines, and auxiliary power units. In order to provide programmatic assistance to airlines and lessors globally, ConstantThrust® makes use of these capabilities as well as Willis Lease’s spare parts, engine, and aircraft technical management services as well as its aviation engine maintenance, repair, and overhaul (MRO) services.
Brian R. Hole, President of Willis Lease, stated that “Air India ran a rigorous process to evaluate all options for managing the significant maintenance, operational risk, and logistical burden these engines would have created. We are proud that all the benefits of ConstantThrust® rose to the top in the end.”