The Adani Group has joined the aircraft leasing market by establishing a business in Gift City, Ahmedabad, just after the two largest Indian airlines, Air India and IndiGo, did the same. With an approved and paid-up share capital of £250,000, the infra major - which runs seven airports, including Mumbai - created Udanvat Leasing IFSC this week. The company is also building the Navi Mumbai Airport.
The Adani Ports and Special Economic Zone (APSEZL) has incorporated a wholly-owned subsidiary business named "Udanvat Leasing IFSC" on October 23, 2023, according to a filing from the corporation. In order to conduct business activities related to aircraft ownership and leasing, Udanvat was incorporated. In GIFT city, Gandhinagar, Udanvat is integrated.
Together, Air India and IndiGo have about 1,500 aircraft on order. In addition to its previous order for 76 aircraft, Akasa plans to put a triple digit order for aircraft this year. The government is eager to introduce aircraft leasing to India, which is now handled by Indian carriers operating out of other countries like Ireland.