Indian aircraft leasing company Vman Aviation Services, based in the International Financial Services Center (IFSC) in Gujarat’s Gift City, became the first company in the business district to sign an aircraft purchase agreement on Wednesday after ordering an Airbus H125 helicopter.
Vman will shortly announce its first dry lease transaction, the company said in a statement.
A dry lease is a leasing arrangement in which an aircraft lessor makes an aircraft available to an airline or company without a crew, ground crew, etc.
The union budget announced earlier this year introduced several incentives and tax breaks for capital gains from aircraft leasing carried out in Gift City.
“One of the biggest challenges in this segment is access to leased equipment at a reasonable cost,” said Vishok Mansingh, CEO of Vman Aviation Services.
“However, with the recently announced government initiatives, incentives, IFSCA aircraft leasing policy, GIFT city infrastructure and our own extensive experience in the domestic market, Vman can provide economical leasing solutions for the general, commercial and helicopter segments in India,” he said, adding in addition, the company hopes to be able to lease more Airbus aircraft in the future.
Two global aircraft finance and leasing companies and two domestic aviation companies will set up aircraft leasing arms at the International Financial Services Center (IFSC) in Gujarat’s GIFT City, Civil Aviation Minister Pradeep Singh Kharola said after the budget announcement in February. These include Ireland-based Acumen Aviation, London-based Investec Aviation Finance, and domestic private jet aggregator JetSetGo.
“The signing of the aircraft purchase is a milestone in Indian aviation history. This agreement is the result of efforts over the past four to five years to create a viable leasing and financing ecosystem in the country, ”said Kharola after signing the first aircraft purchase agreement from Gift City on Wednesday.
“This is a new line of business coming to India and the Government of India will continue to provide all possible assistance to promote leasing activities in India under the Atmanirbhar Bharat Abhiyan,” he added.
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