Akasa Air sets up entity for aircraft financing, leasing in GIFT City

New Delhi: Akasa Air has set up an entity at the GIFT City in Gujarat to strengthen its aircraft financing and leasing activities.

The nearly four-year-old carrier has established Akasa Air Leasing IFSC Private Limited (AALI) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar.

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In a release on Friday, the airline said AALI office would play a pivotal role in advancing its aircraft financing strategy, enabling greater flexibility, cost efficiency, and enhanced access to global capital markets.

"AALI is expected to finance a majority of the airline's aircraft over time while strengthening onshore leasing capabilities," the release said.

Currently, Akasa Air has a fleet of 38 Boeing 737 MAX airplanes. It has placed an order for 226 such aircraft.

Air India and IndiGo also have their aircraft leasing entities in the GIFT City.