New Delhi: The lucrative business of leasing aircraft by Indian companies — that is almost entirely handled by companies abroad — took the first step towards going desi on Wednesday when an Ahmedabad GIFT City-based firm, Vman Aviation, signed purchase agreement with Airbus Helicopters SAS for H125 choppers.
Vishokh Mansingh, owner of Man Aviation, tweeted: “Vman has ordered Airbus H125 Helicopter. This is the first transaction by the Leasing company based in GIFT City under the new aircraft leasing policy. This will open new opportunities for General Aviation operators to access Aircraft and Helicopters from the local leasing company under the Indian legal and civil regulatory environment at very economical life cycle costs… cumulative effort of all stakeholders to make India a world prominent leasing hub.”
This year’s Union Budget had proposed tax holiday for capital gains and tax exemption on aircraft lease rentals paid to foreign lessors to leasing companies based in the International Financial Services Centre (IFSC) at Ahmedabad’s GIFT City.
At present, all Indian airlines have leased aircraft from foreign countries like Ireland and Singapore and payments made in forex. India currently has 700 aircraft (commercial side). Not a single of them was so far leased in India.
07/07/21 Saurabh Sinha/Times of India
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