Air India, a subsidiary of Tata Group, achieved a historic milestone on Friday as it acquired its inaugural A350-900 aircraft.
This remarkable achievement stands out because the acquisition was finalized through Gujarat’s GIFT City, marking Air India as the pioneering airline to do so.
How Air India Created History
The airline secured its first A350-900 aircraft through a finance lease facilitated by HSBC. Notably, the A350-900 boasts a wider body compared to other aircraft in its class.
Air India recently placed an order for a staggering 470 new aircraft, including the A350-900, and the initial payment has been made under the HSBC agreement.
Significance of the Deal for GIFT City
The lease agreement between Air India and HSBC holds immense significance.
It marks the first instance of an aviation company finalizing a finance deal within the confines of GIFT City, thereby opening doors for the country’s premier International Financial Services Centre.
Air India emphasized that this agreement was executed through its wholly owned subsidiary, AI Fleet Services Limited.
Air India’s Ongoing Transformation
While Air India was previously part of the Tata Group before being nationalized, it has now returned to Tata’s fold after decades.
Tata Group is dedicated to revitalizing Air India, evident from its record-breaking order of 470 wide-body aircraft at the beginning of the year.
With the completion of this finance deal, Air India anticipates receiving its first aircraft from this order by the year’s end.
A Glimpse into Air India’s Aircraft Order
Air India’s substantial order includes 6 A350-900 aircraft. Following the expected delivery of one aircraft by year-end, the remaining 5 are slated for delivery by March 2024.
Furthermore, the order comprises 34 A350-1000 aircraft, 20 Boeing 787 Dreamliners, 10 Boeing 777X aircraft, 140 A320 Neos, and 190 Boeing 737 Max aircraft.
