The Kuwait-based ALAFCO Aviation Lease and Finance Company announced that it has signed an agreement with Air India for the lease of 14 new Airbus A320neo aircraft powered by CFM’s LEAP-1A engines. In a press statement, ALAFCO said that the aircraft will be leased for a period of 12 years, with the first six aircraft scheduled for delivery in 2017, six to be delivered in 2018 and the last two aircraft in 2019.
All 14 aircraft are part of ALAFCO’s existing order book with Airbus, it stated. Air India is the state-owned national carrier of India and the largest airline in the country, currently operating a fleet of over 130 aircraft to more than 100 domestic and international destinations.
Air India became a member of the Star Alliance in July 2014. ALAFCO is an aircraft leasing company and is listed on the Kuwait Stock Exchange. ALAFCO’s portfolio consists of 49 Airbus and Boeing aircraft, leased to 14 airlines in 13 countries across Europe, Asia, Africa, Latin America and the Middle East.
ALAFCO’s order book comprises of 117 new technology aircraft from Airbus and Boeing including 85 A320neo, 20 B737MAX and 12 A350XWB aircraft. The new orders are valued at $14.9 billion, with deliveries scheduled to take place between 2017 and 2021.