Akasa Air sets up aircraft leasing unit in GIFT City

Ahmedabad: Akasa Air has set up a dedicated aircraft financing and leasing entity at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar as the airline looks to strengthen its long-term fleet financing strategy. The nearly four-year-old carrier on Friday announced the launch of Akasa Air Leasing IFSC Private Limited (AALI), which will operate from the International Financial Services Centre (IFSC) at GIFT City.In a statement, the airline said the new entity will play a key role in advancing its aircraft financing plans by improving flexibility, enhancing cost efficiency, and enabling better access to global capital markets.The airline said AALI is expected to finance a majority of Akasa Air's aircraft over time while also strengthening onshore leasing capabilities in India.Akasa Air currently operates a fleet of 38 Boeing 737 MAX aircraft and has placed an order for 226 planes of the same family as part of its expansion plans. GIFT City has emerged as a growing hub for aircraft leasing and financing activities in India, with major carriers such as Air India and IndiGo also setting up leasing entities there.