Akasa Air has agreed to sell and leaseback five Boeing 737-8 aircraft to Griffin Global Asset Management, an Irish leasing company. Under a sale and leaseback deal, the airline sells its planes to a leasing company and then leases them back. This frees up the monies that were used to acquire the plane by the airline.
Just three months after the Directorate General of Civil Aviation (DGCA) gave the planes the green light, Akasa Air agreed to buy 72 Max planes from Boeing on November 26, 2021.
Akasa Air is scheduled to receive its first Max aircraft this month and is planning to launch its commercial flight operations in July. A statement by Griffin Global Asset Management said it "is pleased to announce the mandate for purchase and leaseback of five Boeing 737-8 aircraft with Akasa Air, a new airline based in India".
In August 2021, the airline, which is funded by ace businessman Rakesh Jhunjhunwala and aviation veterans Vinay Dube and Aditya Ghosh, acquired the Ministry of Civil Aviation's no-objection certificate (NOC) to begin commercial flying operations.
Commenting on the contract with Griffin, Dube, Founder, Managing Director and CEO of Akasa Air, said, "We are pleased to have Griffin as our partner in growth as we embark on our aviation journey. The high degree of confidence and endorsement from the Griffin team is a testimony to Akasa Air's robust and sustainable future."