BOC Aviation, IndiGo sign purchase-leaseback pact for eight A320Neo planes

BOC Aviation Limited has signed purchase-and-leaseback agreements with InterGlobe Aviation Ltd (IndiGo) for eight new Airbus A320NEO aircraft.

"The addition of these eight A320NEO aircraft demonstrates our confidence in the future growth of the aviation market in India," said Riyaz Peermohamed, Chief Aircraft Acquisition & Financing Officer, IndiGo.

The aircraft will be powered by CFM Leap engines and are scheduled to be delivered in the second half of 2021, the Singapore-based aircraft leasing company said in a release on Monday.

"This incremental capital expenditure also reflects our disciplined investment strategy throughout the cycle, focused on building a portfolio of the latest technology aircraft," said Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation.

He further noted that "we are delighted to partner once again with IndiGo, India's largest passenger airline, as we continue to support our airline customers to finance their aircraft deliveries.