Air India (AI) has become the first major airline to establish a leasing unit at the IFSC Gift City in Gujarat. The airline’s six A350 aircraft, which will be added to its fleet, will be acquired through the leasing firm AI Fleet Services IFSC Limited under a financial lease. The project is estimated to cost Rs 7,253 crore.
The unit, approved earlier this month, will operate as a subsidiary of Air India. The top management of the leasing entity includes Vinod Hejmadi, the CFO of Air India, Kalpana Rao, the Company Secretary of Air India, and Abhijit Menon. The entity has an authorised capital of Rs 50 crore and a paid-up capital of Rs 30 crore. The first set of A350 aircraft is expected to arrive in October, as per a report.