Rolls-Royce and Partners Finance (RRPF) has established a new subsidiary business in GIFT City to better serve customers in the region. This comes after the company started leasing aircraft engines to customers in India nearly 20 years ago.
RRPF India recently completed its first deal with Indian airline Akasa Air and will be providing a long-term sale and leaseback solution for two LEAP-1B engines that are will be delivered fully by October 2024.
“We’re proud to support the growth of the aviation finance industry in India and ensure our competitiveness and resilience in this market by building our presence in GIFT City,” said Bobby Janagan, CEO of RRPF.
He continued: “We are also very pleased that our first deal is with a growing airline like Akasa Air and look forward to building a long-term partnership with them. As a global leader in engine leasing, we can provide valuable expertise to enable Indian airlines to make the most of the fantastic market opportunities ahead of them to grow.”
RRPF’s new subsidiary - RRPF Engine Leasing (India) - will offer lease solutions to airline operators in the region through a local team, with RRPF being one of the first engine leasing companies to operate in GIFT City.
Commenting on further on the partnership, Priya Mehra, chief of governance and strategic acquisitions at Akasa Air said: “As the aviation industry continues to evolve, we recognize the importance of aligning with innovative partners who share our vision for the future. We are excited to have had the opportunity to partner with RRPF in their first transaction from the International Financial Services Centre (IFSC) in GIFT City.
She added: “This collaboration is a testament to our proactive approach in navigating the complexities of the aviation landscape, as well as our wholehearted commitment to partnering in the growth of India’s aviation finance sector.”
Currently, Akasa Air operates 25 737MAX aircraft and has placed a firm order for 226 more of the same aircraft type. Internationally, Akasa Air operates flights to Doha, Riyadh, Abu Dhabi, Jeddah, Kuwait and Dammam and since its inception in 2022 it has served over 12 million passengers and connects 28 cities.