GIFT City: A Game Changer for Indian Aviation
Axis Bank has marked a historic achievement by becoming the first Indian bank to facilitate aircraft financing through its International Banking Unit (IBU) located in GIFT City IFSC.
This landmark transaction was conducted for AI Fleet Services Ltd (AIFS), the leasing arm and wholly owned subsidiary of Air India, which is part of the Tata Group.
This development signifies a crucial advancement in the aviation finance sector in India, which has largely been dominated by foreign banks, and highlights GIFT City’s growing prominence as a hub for aircraft leasing and financing.
The agreement involves a long-term USD loan aimed at financing the acquisition of 34 training aircraft, which will be utilized at Air India’s upcoming pilot training institute in Amravati, Maharashtra.
This institute is set to become one of the largest pilot training facilities in India, thereby contributing significantly to the enhancement of the country’s aviation infrastructure.
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