Aircraft leasing company Griffin Global Asset Management on Thursday announced an agreement with Akasa Air for the purchase and leaseback of five Boeing 737 MAX aircraft.
Akasa Air has placed a definitive order for 72 Boeing 737 MAX aircraft. Under a sell-lease-return arrangement, the owner of the aircraft sells the aircraft to the lessor, who then immediately leases the aircraft to the original owner. The tie-up allows airlines to maintain liquidity.
The airline aims to take delivery of its first aircraft by the end of this month and start services next month after obtaining an air operator permit from the DGCA.
Akasa Air aims to induct 18 aircraft by March 2023, which will be used to connect metros with tier-II cities.