CDB Aviation, a fully owned Irish subsidiary of China Developmental Bank Financial Leasing Co Limited, announced on the sidelines of the Airline Economics Growth Frontiers Asia Pacific 2022 conference. They announced the signing of the lease agreement for a fleet of six Airbus A320neo aircraft with Air India, a statement from the company said.
CDB Aviation is one of the first aircraft leasing brands to secure Air India’s additional A32neo aircraft that falls under the newly announced transformation plan ever since the purchase of the airline by the Tata group. This aims to increase the carrier’s fleet and help to boost its domestic as well as international operations.
“Our commercial team is delighted to have worked closely with Air India to help solve their fleet requirements with these new Airbus narrowbody aircraft from our orderbook. These fuel-efficient, new generation aircraft are suited well to support Air India’s fleet revitalisation initiatives, positioning the airline for sustained growth and profitability.’’Ryan Barrett, Asia-Pacific Business Head, Air India
The B777s will join the fleet between December 2022 and March 2023 and will be deployed on routes to the US. The deliveries of the Airbus narrowbodies are expected to be spread across the whole of next year.
“India is an increasingly important region for CDB Aviation, being the second largest Asia Pacific market for new aircraft deliveries, with nearly 1,000 Boeing and Airbus jets in its orderbook. Our commercial team remains steadfast in its outreach efforts across Asia Pacific, leveraging our platform’s resources and scale to support the region’s airlines in restoring their networks and growing their fleets.”Peter Goodman, Chief Commercial Officer, CDB Aviation
Expected to be delivered in the second half of 2023, renewal of the fleet will help Air India to increase its market share to at least 30% in the domestic market while significantly growing international routes from the present market share.
“This is an important agreement, which will help us to strengthen our fleet with state-of-the-art aircraft. This will boost our connectivity, especially on the short and medium-haul routes, and is an important step ahead in our transformation journey.”Nipun Aggarwal, Chief Commercial Officer, Air India
Apart from assets in Aircraft, Tata Group-backed Air India looks to create a talent pool. And the first phase of this initiative has received an overwhelming response. Over 1,752 applications for pilots and 72,000 applications for cabin crew have been received in the last two months, which are in the process of assessment.