Published On : Fri, Aug 20th, 2021

First leased aircraft by Indian company lands at MIHAN SEZ

Nagpur: JETSETFLEET Management Services IFSC Private, a leasing arm of JetSetGo Aviation, has become the first Indian leasing business to directly import an aircraft, marking a historic event in India’s aviation history. The seven-seater aircraft, a Hawker 800 XP, leased through GIFT City, IFSC was imported from the United Kingdom and towed into the Air India MRO at MIHAN SEZ after landing at Nagpur’s Dr Babasaheb Ambedkar International Airport. Parking and warehousing services were provided by Air India MRO.

This aircraft was brought into the SEZ for the purpose of leasing, promoting MRO and offering other ancillary services in the region. This transaction is being hailed as the country’s first-ever after the Ministry of Finance established a framework for aircraft leasing and tax sops were granted, to shift the leasing business from Ireland or other locations to Indian Territories To lease out the aircraft, the Company is experimenting with a novel financing strategy where in Jet Set Go plans on using the‘pay-as-you-go’arrangement.

Under this model, the Company gets compensated based on how much the aircraft flies. In addition to this,Jet Set Go is also looking into revenue-sharing arrangements Commenting on this mega milestone, Kanika Tekriwal, Founder & CEO, JetSetGo Aviation said“With import of the Hawker 800 XP, we are extremely proud to be the first Indian leasing company to bring an aircraft into the country directly. This is not just a big milestone for us as a business, but also a historic move for India’s aviation industry as a whole.

We are thrilled to have been able to do this as it is a step forward towards putting India on the global aviation map and enabling many industryfirsts going forward. With this initiative,we want to ensure that the leasing of aircraft becomes feasible in India.

Furthermore, we are planning to bring in at least six aircraft. But first we will monitor the developments for next 90to100days.Ifwefindtheproject is feasible and getting good response then we will rope in the other aircraft too. If everything is worked as per plan,we will also look at leasing planes to international locations.”

Dr Nitin Raut, Energy and Guardian Minister; R Vimala, District Collector; Dayashankar Tiwari, Mayor; Dr V Sraman, Development Commissioner, MIHAN SEZ; Chandrashekhar Karkhanis, Executive Director, Air India; Sunil Arora, Aircraft Engineer; Ashok,Chief Commissioner,GST, CGST and Customs; Dinesh Shah,Head of Development and International Relations, GIFT City, Gujarat and others witnessed this historical development at MRO