Delivery of the scheduled Boeing aircraft commenced in December 2022 and was completed in January 2023, this new sale and leaseback transaction is Avolon’s first deal with Akasa.
Avolon, an Ireland-based aircraft leasing company has announced that it has successfully completed the delivery of 5 new Boeing 737-8 MAX aircraft to Akasa Air, India’s newest airline. Delivery of the scheduled Boeing aircraft commenced in December 2022 and was completed in January 2023. This new sale and leaseback transaction is Avolon’s first deal with Akasa.
Paul Geaney, President and Chief Commercial Officer, Avolon said, “We are excited to support new entrants to the market, so it is a pleasure to have completed this transaction to lease 5 new narrowbody aircraft to Akasa. We congratulate Akasa on their successful launch and look forward to building on our strong relationship with them.”
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation. Avolon is a global leader in aircraft leasing with an owned, managed and committed fleet, as of 31 December 2022 of 834 aircraft.
Bhavin Joshi, Co-Founder and Sr. Vice President – Leasing & Procurement, Akasa Air said, “Since our launch last August we have rapidly added capacity, new routes and welcomed one million passengers to our unique offering. We are delighted to join hands with Avolon and will continue to invest in new technology aircraft that can offer superior reliability and carbon efficiency.”
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Akasa Air launched its first commercial flight on 07 August 2022 to support the growing demand across India. With a commitment to being socially responsible, Akasa Air has placed a firm order of 72 Boeing 737 MAX airplanes, powered by CFM fuel-efficient, LEAP-1B engines. The 737 MAX family aircraft deliver superior efficiency in reducing fuel use and carbon emissions, fulfilling the airline’s promise of being an environmentally friendly company with the youngest and greenest fleet in the Indian skies.
