Aircraft leasing company Avolon has this month completed the delivery of 15 Airbus A320neo family aircraft to Indian airline, IndiGo.
Following the completion of this sale and leaseback transaction, IndiGo now has 21 aircraft leased from Avolon.
As mentioned, the deal comprises of 15 aircraft from the A320neo family, of which are 6 A320neo aircraft and 9 A321neo aircraft.
Deliveries of these aircraft began in September 2022 and have since taken IndiGo’s total Airbus fleet to 264 aircraft.
Paul Geaney, Chief Commercial Officer commented on the completed deal, saying: “We are proud to support IndiGo through this sale and leaseback of fifteen efficient Airbus NEO aircraft.”
“We look forward to playing a central role with IndiGo as they continue to build on their position as a leading carrier in the Indian market”.
Riyaz Peermohamed, Chief Aircraft Acquisition and Financing Officer for IndiGo also commented: “We are pleased to have completed this deal with Avolon, which is part of IndiGo’s broader expansion plans and the upgrading of our fleet.”
“In 2023 we are committed to enhancing connectivity both with India and internationally.
A brief history of IndiGo
IndiGo was first formed back in 2005 and commenced operations in 2006 the following year.
Initially, the airline placed an order for 100 Airbus A320 aircraft which set the carrier on its way to growing its fleet over the years to come.
Intriguingly, IndiGo surpassed state-run and national flag carrier Air India as the third largest airline in the country in 2010. To this day, IndiGo is still a larger airline compared to Air India.
In 2011, IndiGo took the plunge to expand its fleet significantly once more with an order for 180 further Airbus A320 family aircraft. In the same year, the carrier was granted permission to start operating international flights too.
The following year was marked with the delivery of the Indian airline’s 50th aircraft and grew to the rank of the most profitable airline in India as well as the second fastest growing airline in India.
Rapid growth causes restrictions
Due to IndiGo’s rapid expansion over the its first few years of operations, the Civil Aviation Ministry of India put a cap on how many aircraft the airline could take during the year of 2013. Initially, this was set at just 5 but was extended to 9 later in the year.
IndiGo then claimed its next title in 2014, with it becoming the second largest airline in India in terms of seats flown.
2015 then marked a big year for the carrier as they placed a staggering order for 250 Airbus A320neo family aircraft, a record order for the carrier.
IndiGo then managed to surpass this mammoth order themselves in 2019, with another historic order for 300 further A320neo family aircraft.
In the same year, the carrier achieved a few firsts for itself. One of them being the first Indian airline to operate 1500 daily flights and the other being the first Indian airline to have more than 250 aircraft.
Now, fast forwarding to the present day, IndiGo holds the title for the largest airline in India and the 4th largest carrier in Asia.
Avolon deal adds fuel to the expansion
With IndiGo now the largest carrier in the country and with a healthy backlog of aircraft on order, this completed Avolon deal marks the next step in the carrier’s endless growth.
With growth not set to stop any time soon, Avalon and IndiGo are very likely to work together again in the future as the expanding airline seeks more aircraft to cater for its demand and route network.