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BOC Aviation Signs Leases With IndiGo for 10 Airbus A320neos

BOC Aviation has entered into long-term finance lease agreements with IndiGo of 10 Airbus A320neo aircraft. The aircraft are all powered by CFM International LEAP-1A engines.

IndiGo Airbus A320neo Closeup - Courtesy Airbus

On Wednesday (August 23, 2023), BOC Aviation Limited announced that they have signed long-term lease agreements with InterGlobe Aviation Ltd. (IndiGo) for 10 Airbus A320neo aircraft. The aircraft will be powered by CFM International LEAP-1A engines. IndiGo is one of the fastest growing LCCs in India and operates a fleet of over 300 aircraft. The carrier operates approximately 1.900 daily flights, connecting 79 domestic destinations. IndiGo will also soon expand their international network to 32 destinations.

In Thursday’s announcement, BOC Aviation’s Deputy Managing Director and CFO, Steven Townend, said,

“We are delighted to be embarking on another transaction with our long-time customer IndiGo, to enable the airline to expand its fleet with the latest technology aircraft. This showcases our ability to deploy alternative financing structures, to continue our long-term sustainable growth.” Also commenting on the new lease agreements, IndiGo’s Chief Aircraft Acquisition and Financial Officer, Riyaz Peer Mohamed, said,

“We are pleased to enhance our partnership with BOC Aviation with the lease agreement for these 10 aircraft. This extended collaboration with BOC Aviation is part of our expansion strategy across domestic and international markets. India is currently among the fastest growing civil aviation markets in the world and these aircraft will help IndiGo consolidate its position in the region.”

Singapore-based BOC Aviation Limited (HKEX Code: 2588) is a leading global aircraft operating leasing company with a fleet of 652 owned, managed or ordered aircraft. As of June 30, 2023, the company’s owned and managed fleet was leased to 91 airlines in 42 countries and territories. In addition to their Singapore headquarters, BOC maintains offices in Dublin, London, New York and Tianjin. BOC Aviation Limited is a Member of The Bank of China Group.

Source: BOC Aviation Limited


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