Akasa Air concludes sale and lease back of 5 Boeing 737 Max planes

Akasa Air ordered 72 Boeing 737 Max aircraft last November

Akasa Air has concluded the sale and lease back of five Boeing 737 Max aicraft with Ireland-based Griffin Global Asset Management.

The aircraft deliveries will begin this month and the airline plans to start operations in July.

"We are pleased to have Griffon as our partners in growth as we embark on our aviation journey. The high degree of confidence and endorsement from the Griffin team is a testimony to Akasa Air's robust and sustainable future," the airline's CEO Vinay Dube said in a statement.

"We are honoured to enter into this long-term relationship right from Akasa’s launch. They have developed a business strategy that addresses a need in the market and assembled a very impressive team to execute that plan,” said Ryan McKenna, Griffin’s Chief Executive Officer

Akasa Air, which is backed by ace investor Rakesh Jhunjhunwala, ordered 72 Boeing 737 Max aircraft last November. It intends to induct upto18-20 aircraft in the first year and will focus on connecting tier-II cities.

Last month it selected Navitaire to power its reservation system and its digital retailing strategies.