Avolon, the international aircraft leasing company, announced it has completed the delivery of 15 A320neo aircraft to Vistara, a joint venture of Tata Group and Singapore Airlines.
Paul Geaney, President and Chief Commercial Officer, Avolon commented: “We are delighted to have completed this delivery of 15 fuel efficient new technology aircraft to Vistara. The rapidly growing Indian aviation market is benefitting from Vistara’s continued success and we welcome the opportunity to have supported this expansion of their A320neo fleet.”
Deepak Rajawat, Chief Commercial Officer, Vistara commented: “A modern and efficient fleet is the backbone of any airline operations and enables consistent growth. We are pleased to have worked with Avolon on the delivery of these 15 aircraft which enabled us to continue our expansion and offer greater connectivity to our customers.”
Avolon commits to 40 Boeing MAX models
Avolon also announced a commitment to order 40 Boeing 737 MAX aircraft as the plane returns to the skies after two crashes grounded it for more than two years. The aircraft are scheduled for delivery between 2027 and 2030; and are valued at over $4 billion at current list prices.
Avolon delivered the first 737 MAX in 2017, along with the 1,000th 737 MAX earlier this year. “This commitment builds on our strong relationship with Boeing and demonstrates our confidence in the long-term demand for this aircraft type. It will increase the overall size of Avolon’s owned, managed and committed fleet to 870 aircraft,” the company said.
Andy Cronin, CEO of Avolon, commented: “This commitment with Boeing underlines our confidence in the positive momentum in the aviation market, and increases our portfolio of young, modern, fuel-efficient aircraft. With strong demand for our new technology orderbook, and delivery slots at a premium, it strengthens and extends our delivery profile with Boeing. This commitment will also support our airline customers who are looking to plan beyond the robust post-COVID traffic recovery and prepare for future growth, while also reducing their carbon emissions.”
The transaction is subject only to approval by shareholders of Bohai Leasing Co., Ltd., Avolon’s 70 percent shareholder, which is anticipated before the end of May.
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