BOC Aviation Limited is delighted to announce that it has entered into a finance lease agreement with InterGlobe Aviation Ltd. (or “IndiGo”) for 10 Airbus A320NEO aircraft. CFM LEAP-1A engines are used to power each aircraft. The delivery of all 10 aircraft is planned for 2023.
According to Steven Townend, Deputy Managing Director and Chief Financial Officer of BOC Aviation, “We are thrilled to be starting another transaction with our long-time customer IndiGo, to enable the airline to expand its fleet with the latest technology aircraft.” This demonstrates our capacity to use unconventional financing methods to maintain our long-term sustainable growth.
“With the leasing arrangement for these 10 aircraft, we are glad to strengthen our relationship with BOC Aviation. We are extending our partnership with BOC Aviation as a part of our goal to expand into new domestic and international markets. These aircraft would help IndiGo strengthen its position in the region as India is currently one of the civil aviation markets with the fastest growth rates in the world, according to Riyaz Peer Mohamed, Chief Aircraft Acquisition and Financing Officer at IndiGo.
By working together, BOC Aviation and IndiGo are supporting the airline’s expansion objectives and adapting to market trends. The lease contract is anticipated to benefit both businesses’ operations and the aviation environment in the area as India’s aviation industry develops further.