BOC Aviation of Singapore and IndiGo have a finance agreement for 10 Airbus aircraft

23 Aug 2023 , 02:25 PM

Officials announced on Wednesday that the largest airline in India, IndiGo, and BOC Aviation Limited, a Singapore-based company, have engaged into a finance leasing agreement involving 10 Airbus A320NEO aircraft.

All ten of the CFM LEAP-1A-powered aircraft are expected to be delivered by 2023, according to BOC Aviation.

According to Steven Townend, Deputy Managing Director and Chief Financial Officer of BOC Aviation, ‘We are thrilled to be starting another transaction with our long-time customer IndiGo, to enable the airline to expand its fleet with the latest technology aircraft.’

This demonstrates our capacity to use various finance models to sustain our long-term growth, he said.

‘With the leasing deal for these 10 aircraft, we are happy to strengthen our relationship with BOC Aviation’, said Riyaz Peer Mohamed, Chief Aircraft Acquisition and Financing Officer, IndiGo.

As part of its expansion strategy in both domestic and foreign markets, IndiGo has been working with BOC Aviation for a longer period of time.

These planes would help IndiGo strengthen its position in the area, as he said that India is now one of the world’s markets for civil aviation that is expanding the quickest.

With a fleet of 652 aircraft that are owned, operated, or on order, BOC Aviation is a top worldwide aircraft operating leasing firm.

As of June 30, 2023, 91 airlines in 42 nations and regions had leases on its owned and managed fleet.

One of the low-cost airlines in the world with the quickest growth is InterGlobe Aviation Ltd. (IndiGo).

With a fleet of more than 300 aircraft, the airline currently connects 79 domestic destinations with roughly 1,900 daily flights, and it will shortly expand to 32 foreign locations.

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