Akasa Air has signed a contract with Griffin Global Asset Management, an Irish leasing company, for the sale and leaseback of five Boeing 737-8 aircraft. The airline sells its jets to a leasing business and then leases them back under the sale and leaseback arrangement. This frees up the funds that the airline used to purchase the plane. On November 26, 2021, Akasa Air agreed to buy 72 Max planes from Boeing, just three months after the Directorate General of Civil Aviation (DGCA) gave the planes then go light. 


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Akasa Air is scheduled to receive its first Max aircraft this month and is planning to launch its commercial flight operations in July. A statement by Griffin Global Asset Management said it "is pleased to announce the mandate for purchase and leaseback of five Boeing 737-8 aircraft with Akasa Air, a new airline based in India".



The airline, which is backed by ace investor Rakesh Jhunjhunwala and aviation veterans Vinay Dube and Aditya Ghosh, received the no-objection certificate (NOC) from the Ministry of Civil Aviation in August 2021 to launch commercial flight operations.


Also read: Indigo enters codeshare partnership with American Airlines after Qatar Airways


Commenting on the contract with Griffin, Dube, Founder, Managing Director and CEO of Akasa Air, said, "We are pleased to have Griffin as our partner in growth as we embark on our aviation journey. The high degree of confidence and endorsement from the Griffin team is a testimony to Akasa Air's robust and sustainable future."


With inputs from PTI