Willis Lease, through ConstantThrust, will provide replacement and standby spare engines which will allow Air India to avoid potentially costly and unpredictable shop visits on engines.
Air India has entered into a definitive sale and lease back agreement with Willis Lease Finance Corporation, for the 34 CFM56-5B engines that will power the Airbus A320 family fleet of Air India. The newly ordered engines will be covered under ConstantThrust program offered by Willis Lease Finance Corporation. According to Air India, the program will deliver significant reliability and cost savings versus a traditional MRO shop visit program. This is the first ConstantThrust sale and leaseback agreement for aircraft engines by any Indian carrier.
Nipun Aggarwal, CCO, Air India said, “This is a very unique and landmark transaction which will enable Air India to eliminate the maintenance burden and fully derisk itself from the maintenance cost uncertainty associated with the engines which were not covered under any “Power By The Hour” program with the OEMs. This transaction will allow Air India to derisk itself operationally, improve fleet reliability, reduce cost, and optimize cash flows.”
Willis Lease will purchase 34 CFM56-5B engines from Air India powering 13 Airbus A321 aircraft and 4 Airbus A320 aircraft. Through ConstantThrust, Willis Lease Finance Corporation will provide replacement and standby spare engines which will allow Air India to avoid potentially costly and unpredictable shop visits on engines powering a transitioning aircraft fleet. Willis Lease will also have an in-country team that will coordinate and manage the entire program and all logistics and transportation involved.
“Air India ran a rigorous process to evaluate all options for managing the substantial maintenance, operational risk and logistical burden these engines would have created, and we are proud that all the benefits of ConstantThrust rose to the top in the end,” said Brian R. Hole, President of Willis Lease. “Air India’s selection of ConstantThrust validates our longstanding belief that traditional options are not the only options for airlines willing to spend the time to fully investigate the benefits of our programmatic solutions.”
USA, Willis Lease, headquartered in Florida, is a leading global aviation finance company that specializes in the lease, finance and management of aircraft, spare commercial aircraft engines and auxiliary power units. ConstantThrust leverages those capabilities and Willis Lease’s spare parts, engine and aircraft technical management services, as well as its aircraft engine maintenance, repair and overhaul (MRO) services, to deliver programmatic support to airlines and lessors worldwide.
