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Vman Aviation signs GIFT City’s 1st Aircraft Purchase Agreement with Airbus Helicopters

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GIFT city-based Vman Aviation & Airbus Helicopters under the Atmanirbhar Bharat AbhiyanVman Aviation Services became the first GIFT (Gujarat International Finance Tec) City, Gandhinagar based Aircraft leasing company to sign an Aircraft purchase agreement after placing an order for an Airbus H125 helicopter with France-based Airbus Helicopters SAS. The agreement has been signed under Government’s Atma Nirbhar Bharat Abhiyan Initiative.

  • Shri Vishok Mansingh, CEO, Vman and Mr. Remi Maillard, President, Airbus India and Managing Director, South Asia region signed the agreement.
  • The signing of the purchase agreement was presided by Pradeep Singh Kharola, Secretary, Ministry of Civil Aviation (MoCA) and was held at New Delhi.

Key Points

i.Vman will announce its 1st dry lease transaction soon. A dry lease is a leasing arrangement where an aircraft lessor provides an aircraft without crew, ground staff, etc, to an airline or corporation.

ii.Aircraft leasing is a new business segment coming to India and the Government is taking steps to promote leasing activities in India under the Atma Nirbhar Bharat Abhiyan.

Steps taken to promote Aircraft Leasing Sector in GIFT City

The Government of India is aiming to make GIFT IFSC a hub for aircraft leasing & financing activities.

  • In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman rolled out incentives for Aircraft Leasing companies which are willing to set up a base at the IFSC (International Financial Services Centre) in GIFT City.
  • The International Financial Services Centres Authority (IFSCA) had also issued a framework for leasing Aircraft at GIFT City.
  • Ireland-based Acumen Aviation & London-based Investec Aviation Finance & domestic private jet aggregator JetSetGo will set up aircraft leasing arms at IFSC in Gujarat’s GIFT City.

Recent Related News:

February 27, 2021, During the India Aircraft Leasing Summit-2021, the then Minister of State (I/C) for Civil Aviation, Hardeep Singh Puri stated that India is set to emerge as World’s 3rd Biggest Civil Aviation Market in overall terms by 2024.

About Vman Aviation Services

It is a subsidiary of a Vman Aero Services LLP

CEO – Vishok Mansingh
Location – GIFT City, Ahmedabad, Gujarat

About Airbus Helicopters SAS

CEO – Bruno Even
Headquarters – Marignane, France