Griffin Global Asset Management and Bain Capital have recently finalized an agreement to purchase and leaseback ten Boeing 737-8 aircraft to Air India Express, a subsidiary airline of Air India.
The first aircraft touched down in November 2023, with the remaining nine set to follow suit throughout the fourth quarter of 2023 and the first quarter of 2024.
Ryan McKenna, the Chief Executive Officer of Griffin, spoke on the deal finalisation, stating, “After many months of close collaboration, we are excited to partner with Air India and Air India Express to support their fleet expansion with these latest technology aircraft.”
Setting the Stage for Growth
Sarit Chopra, a Partner at Bain Capital, highlighted India’s position as one of the fastest-growing aviation hubs globally.
He emphasized the country’s potential for future growth due to policy support, significant travel demand, and the progress of airlines like Air India.
Pawan Singh, another Partner at Bain Capital, further echoed this sentiment, expressing the joint venture’s commitment to delivering high-quality, next-generation aircraft to meet and exceed the rising demand in India.
Air India Fleet Transformation
Nipun Aggarwal, Chief Commercial & Transformation Officer of Air India and Director of Air India Express, underscored the importance of fleet modernization as part of the comprehensive transformation of the Air India group.
The acquisition of these new aircraft signifies a substantial improvement, enabling the airline to offer customers a differentiated flying experience while enhancing reliability and cost efficiency.
Aggarwal expressed gratitude for Griffin’s profound expertise in aircraft leasing and the delight in collaborating with them in financing ten cutting-edge aircraft.
About Air India Express
Air India Express is a subsidiary of Air India and a part of the Tata group, operating over 300 flights daily across 30 domestic and 14 international airports, with a fleet of 57 aircraft, comprising 29 Boeing 737s and 28 Airbus A320s.
Air India Express invites guests with the proposition to ‘Fly As You Are’, using thoughtfully considered technology to enable flyers to personalise and take charge of their travel experience.
The airline offers Gourmair hot meals, comfortable seats, pioneering in-flight entertainment AirFlix, and a host of exclusive loyalty benefits for members of the Tata NeuPass rewards program.
With a sense of unique Indian warmth, extending unique features on its award-winning website. In January 2022, Air India Express, together with Air India, was successfully privatised, with ownership returning to the Tata group that had initially founded Air India.
