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IndiGo signed agreement with ICBC to purchase over 30 A320 aircrafts

Indian low-cost carrier IndiGo on 17 September 2014 signed an agreement with Industrial and Commercial Bank of China Ltd (ICBC) for purchasing 30 A320 aircrafts worth 2.6 billion US dollars.

Sep 19, 2014 14:27 IST
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Indian low-cost carrier IndiGo on 17 September 2014 signed an agreement with Industrial and Commercial Bank of China Ltd (ICBC) for purchasing 30 A320 aircrafts worth 2.6 billion US dollars.

The agreement was signed at an India-China business meeting. The meeting was organised by Federation of Indian Chambers of Commerce and Industry (FICCI) at New Delhi.

Highlights of the agreement

• ICBC will finance the no-frill airline plans of IndiGo to purchase over 30 aircrafts.
• The Gurgaon-based carrier signed the memorandum of understanding (MoU) with the ICBC Financial Leasing Company Ltd to execute the deal.
• Through the MoU, ICBC will provide IndiGo financial solutions for the introduction of A320 and the other family of aircraft to the fleet in the form of
sale and lease back or financial lease or commercial lending.

IndiGo is one of the few profitable airlines in India. The airline already has a relationship with ICBC and this new effort to further explore the collaboration will cement the relationship for the longer term.

The no-frill carrier has 81 aircraft in its fleet at present.

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