Air India's First-Ever GIFT City Loan: Aviation Renaissance in India

Axis Bank's GIFT City branch has financed Air India's purchase of 34 training aircraft. This marks the first aircraft financing from GIFT City IFSC and supports India's aviation sector growth. The planes will be vital for Air India's pilot training expansion in Amravati, Maharashtra.

In a significant development, Axis Bank has announced its first-ever aircraft financing transaction within India's GIFT City IFSC. The bank's GIFT City branch provided the necessary funds for Air India to purchase 34 training aircraft, marking a pivotal moment in the nation's aviation finance sector.

The funding, provided in USD, was secured by Air India's subsidiary, AI Fleet Services. This acquisition will support the establishment of one of India's largest pilot training hubs in Amravati, Maharashtra, showcasing a forward leap in domestic aviation training capabilities.

Axis Bank's Deputy Managing Director, Rajiv Anand, highlighted the transaction as a testament to India's burgeoning homegrown financial solutions, further fortifying its global aviation standing. Meanwhile, Sanjay Sharma, Air India's Chief Commercial Officer, noted GIFT City's future role in financing the airline's extensive aircraft orders under its Vihaan.AI transformation initiative.

(With inputs from agencies.)