AirIndia

Kuwait-based ALAFCO Aviation Lease and Finance Company has entered into a deal with Air India to lease 14 new Airbus A320neo aircraft equipped with CFM’s LEAP-1A engines.

To be leased for a 12-year period, the first six aircraft will be delivered by next year, while six will be delivered in 2018 and the last two in 2019.

All 14 aircraft to be leased by Air India are part of ALAFCO’s current order book with Airbus.

Air India currently operates a fleet of more than 130 aircraft to over 100 domestic and international destinations.

ALAFCO now has a portfolio of 49 Airbus and Boeing aircraft, leased to 14 airlines in 13 countries across Europe, Asia, Africa, Latin America and the Middle East.

The company’s order book includes 117 new technology aircraft from Airbus and Boeing, including 85 A320neo, 20 B737MAX and 12 A350XWB planes.

Valued at $14.9bn, the new orders are expected to be delivered between next year and 2021.

Airbus also recently delivered India and Asia’s first A320neo aircraft to IndiGo.

According to an estimate made by Airbus, India will become third largest aviation market by 2034.

"Aviation in India has a bright future."

Last year, the country had placed 250 new firm orders to Airbus, and currently around 56% of India’s in service fleet are Airbus aircraft.

Airbus EVP marketing and strategy official Kiran Rao said: "Aviation in India has a bright future.

"As India’s industrial might grows along with it comes economic development, wealth generation and a rise in the number of regular and first time flyers.

"Airbus offers the most comprehensive aircraft product range from 100 to over 600 passengers to serve the Indian public and this growing demand."

Image: Currently, Air India operates a fleet of more than 130 aircraft. Photo: courtesy of Airbus.