China Development Bank (CDB) Aviation Lease Finance has entered a deal with Indian budget carrier SpiceJet for the long-term lease of five Boeing 737 MAX 8 aircraft.

The aircraft are scheduled to be delivered to SpiceJet next year. They are part of CDB Aviation’s current order book with Boeing.

CDB Aviation’s order book with Boeing currently includes 78 737 MAX family aircraft.

CDB Aviation president and CEO Peter Chang said: “This lease agreement for a fleet of five 737 MAX 8s marks the beginning of a strong and lasting relationship with our newest partner SpiceJet, based on mutual trust, respect, and commitment to advancing reciprocal growth.

“The airline operates 408 daily flights to 51 destinations, including 44 domestic and seven international routes.”

“Much like CDB Aviation, SpiceJet has recently been on a robust growth path, enjoying major success in enhancing customer-centricity and strengthening operations.”

SpiceJet currently operates a mixed fleet of 37 Boeing 737NG and 22 Bombardier Q-400 aircraft.

The airline operates 408 daily flights to 51 destinations, including 44 domestic and seven international routes.

Chang further added: “The 737 MAX family represents some of the most advanced, fuel-efficient aircraft in the world today.

“With our sizeable order position, we are confident that the MAX will play an important role in growing CDB Aviation’s aircraft portfolio and delivering superior performance and economics to our customers worldwide.”

Last year, CDB Aviation completed transactions for 162 aircraft, including the delivery of 38 new aircraft, the sale of 19 planes and orders for 105 new aircraft.

The company is an Irish subsidiary of CDB Leasing.