Kuwait's ALAFCO inks deal to lease aircraft to Air India

Agreement signed to deliver 14 new A320neo aircraft to India's national carrier in 2017-19

Kuwait-based Aviation Lease and Finance Company, better known as ALAFCO, announced on Wednesday that it has signed an agreement with Air India for the lease of 14 new Airbus A320neo aircraft.

It said in a statement that the aircraft will be leased for a period of 12 years, with the first six aircraft scheduled for delivery in 2017, six to be delivered in 2018 and the last two aircraft in 2019.

All 14 aircraft are part of ALAFCO's existing order book with Airbus, the company added.

Air India is the state-owned national carrier of India and the largest airline in the country, currently operating a fleet of over 130 aircraft to more than 100 domestic and international destinations.

ALAFCO is a Kuwait-based aircraft leasing company and is listed on the Kuwait Stock Exchange.

ALAFCO's portfolio consists of 49 Airbus and Boeing aircraft, leased to 14 airlines in 13 countries across Europe, Asia, Africa, Latin America and the Middle East.

Its order book comprises of 117 aircraft from Airbus and Boeing including 85 A320neo, 20 B737MAX and 12 A350XWB aircraft, valued at $14.9 billion, with deliveries scheduled to take place between 2017 and 2021.

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