Commercial aircraft lessor Griffin Global Asset Management, together with private investment firm Bain Capital, have announced a purchase leaseback deal of ten 787-8 aircraft to Air India Express.
The first aircraft was delivered to the subsidiary of Air India in November 2023, and the remaining nine will be delivered throughout the remainder of 2023 and the first quarter of 2024; bolstering the carrier’s total fleet to 57.
“India is one of the fastest growing aviation hubs not only in Asia but across the world, with enormous future potential as a result of policy support, significant demand for travel, and the advancement of airlines like Air India,” commented said Sarit Chopra, a Partner at Bain Capital. “Together with Griffin, we aim to provide high-quality, next-generation aircraft to help Air India and Tata Group meet and exceed this demand.”
Nipun Aggarwal, chief commercial and transformation officer of Air India, and director of Air India Express, added that “modernizing [their] fleet stands as a pivotal element within the Air India group’s ongoing, comprehensive transformation,” and valued “Griffin’s profound experience in aircraft leasing”.