Griffin Global Asset Management Announces the Purchase and Leaseback of Ten Boeing 737-8 Aircraft to Air India Express The post Air India Express and Griffin Global Announces Lease of 10 New 737 MAX 8 appeared first on Aviation A2Z.
DUBLIN- Griffin Global Asset Management (“Griffin”) and Bain Capital, through their collaborative venture, have officially announced their agreement to acquire and lease back ten Boeing 737 MAX 8 (737-8) aircraft for Air India Express (IX), a subsidiary of Air India (AI).
The initial aircraft was delivered in November 2023, while the remaining nine are scheduled for delivery throughout the latter part of the fourth quarter of 2023 and the initial quarter of 2024.
Photo: Air India Express
Air India Express and Griffin Global Agreement
“After extensive collaboration over many months, we are delighted to join forces with Air India and Air India Express to facilitate their fleet expansion with these cutting-edge aircraft. The remarkable revitalization efforts undertaken by the Air India management team have impressed us, and we anticipate nurturing a strong and enduring relationship with them in the years ahead,” stated Ryan McKenna, Chief Executive Officer of Griffin.
This transaction marks a significant achievement in the ongoing partnership between Griffin and Bain Capital, established in January 2020 to create a top-tier commercial aviation leasing and asset management platform.
It serves as a testament to the platform’s capability to deliver tailored solutions to airlines, original equipment manufacturers, and other entities within the industry.
Photo: Air India Express
Executive Insights
“India is rapidly emerging as one of the most dynamic aviation hubs globally, not only in Asia but on a worldwide scale. The country exhibits immense future potential driven by policy support, substantial travel demand, and the progress of airlines such as Air India,” remarked Sarit Chopra, a Partner at Bain Capital.
Pawan Singh, another Partner at Bain Capital, added, “In collaboration with Griffin, our objective is to deliver top-notch, next-generation aircraft to support Air India and Tata Group in meeting and surpassing this escalating demand. This venture exemplifies the expansive capabilities of the Bain Capital platform, our eagerness to partner with leading Indian companies, and our steadfast commitment to India.”
Nipun Aggarwal, Chief Commercial and Transformation Officer of Air India and Director of Air India Express, stated, “The ongoing and comprehensive transformation of the Air India group places fleet modernization at its core. These new aircraft represent significant enhancements, enabling us to offer customers a distinctive flying experience while boosting reliability and cost efficiency. We highly value Griffin’s profound expertise in aircraft leasing, and we are excited about our collaboration with them in financing ten aircraft.”
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The post Air India Express and Griffin Global Announces Lease of 10 New 737 MAX 8 appeared first on Aviation A2Z.