Akasa Air has signed a contract with Irish leasing company Griffin Global Asset Management for sale and leaseback of five Boeing 737 Max aircraft, a statement said on Thursday.
Under sale and leaseback model, the airline sells its planes to a leasing company and then leases them back. This frees up the cash that the airline has spent in buying the aircraft.
Akasa Air had signed a deal with Boeing to purchase 72 Max aircraft on November 26, 2021, approximately three months after the Directorate General of Civil Aviation (DGCA) gave the green light to Max planes.
Akasa Air is scheduled to receive its first Max aircraft this month and is planning to launch its commercial flight operations in July.
A statement by Griffin Global Asset Management said it "is pleased to announce the mandate for purchase and leaseback of five Boeing 737-8 aircraft with Akasa Air, a new airline based in India".
The airline, which is backed by ace investor Rakesh Jhunjhunwala and aviation veterans Vinay Dube and Aditya Ghosh, received the no-objection certificate (NOC) from the Ministry of Civil Aviation in August 2021 to launch commercial flight operations.
Commenting on the contract with Griffin, Dube, Founder, Managing Director and CEO, Akasa Air, said, We are pleased to have Griffin 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 premium stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app