Vistara's milestone - 2 aircraft financed in GIFT City

18 Apr 2024 CW Team

The story reported a significant development in GIFT City's efforts to position itself as the preferred destination for Indian carriers seeking aircraft leasing and financing. According to the information provided, Tata Group's Vistara secured financing for two Airbus A320neos from GIFT City, marking a notable step in the city's endeavor. Previously, entities such as Air India had leased aircraft from GIFT City. Vistara's action represents one of the initial instances of an Indian carrier securing aircraft financing from the city.

Watson Farley & Williams (WFW) provided counsel to Standard Chartered regarding the financing of the two A320neos. An official stated that this financing was structured uniquely through Gujarat International Finance Tec-City (GIFT City), utilizing an entity not wholly owned by the airline. The official described this transaction as a landmark in commercial aircraft finance structured through GIFT City.

Richard Williams, a Partner leading the WFW Singapore Aviation team, expressed gratitude for the opportunity to advise Standard Chartered as lender counsel and collaborate with the Vistara team on this significant transaction. He emphasized WFW's dedication to supporting aviation in India and providing expertise for its expansion.

GIFT City, India's inaugural operational greenfield smart city and international financial services center, aims to localize the financing and leasing of aircraft for Indian airlines, diverting such business from foreign jurisdictions like Ireland and Singapore. Companies like Air India, IndiGo, and the Adani Group have established specialized entities within GIFT City for this purpose.

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