GIFT city the first in country to lease a aircraft
pEarlier for leasing in and leasing out of such aircraft Indian companies had to register in foreign countries like Ireland Under the GIFT City project headquartered in Ahmadabad Indian aviation companies can now register there and operate their leasing business from India itselfp
pIn a first the maiden aircraft imported by JetSetFleet Management Services IFSC Pvt Ltd from UK landed in the Special Economic Zone SEZ of Multimodal Hub Airport at Nagpur MIHAN project area under the GIFT City project of the central government to facilitate lease-in and lease-out of chartered aircraftppEarlier for leasing in and leasing out of such aircraft Indian companies had to register in foreign countries like Ireland Under the GIFT City project headquartered in Ahmadabad Indian aviation companies can now register there and operate their leasing business from India itselfppEarlier a helicopter was leased fromnbspGift Citynbspand this is the first time for an aircraftbr The Hawker 800 XP imported from the UK landed at Mihan-SEZ on Thursday It was later flown to Delhi to be delivered to Indo Pacific Aviation an arm of JetSetGoppldquoThis aircraft was brought into the SEZ for the purpose of leasing promoting MRO and offering other ancillary services in the region To lease out the aircraft the company is experimenting with a novel financing strategy wherein JetSetGo plans on using the lsquopay-as-you-gorsquo arrangementppUnder this model the company gets compensated based on how much the aircraft flies In addition to this JetSetGo is also looking into revenue-sharing arrangementsrdquo JetSetGo said in a statementppJetSetGo Aviation founder-CEO Kanika Tekriwal said ldquoWith the import of the Hawker 800 XP we are proud to be the first Indian leasing company to bring an aircraft into the country directly This is a historic move for Indiarsquos aviation industry as a wholeppWe want to ensure that the leasing of aircrafts becomes feasible in India Furthermore we are planning to bring in at least six aircrafts by the end of 2021-22 and by the end of 2022 we will also look at leasing planes to international locationsrdquoppbr The lucrative business of leasing aircraft by Indian companies is so far almost entirely handled by companies abroad This yearrsquosnbspUnion Budgetnbsphad 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 Ahmedabadrsquos GIFT CityppAt present all Indian airlines have leased aircraft from foreign countries like Ireland and Singapore and payments made in forexppIndia currently has 700 aircraft commercial side Not a single of them was so far leased in India Indian airlines have over 800 planes currently on order that are to be delivered in the next four to five years ThenbspModinbspgovernment wants to make IFSC a global financial hub for aircraft lessorsp
