BOC Aviation Ltd, a Singaporean company, said on Wednesday that it has partnered with InterGlobe Aviation Ltd (IndiGo) on a finance leasing arrangement. Four Airbus A320NEO planes are the subject of the inked agreement.

The chief executive officer and managing director of BOC Aviation, Steven Townend, stated, “We are pleased to be closing another four finance leases with IndiGo.”

“We continue to work closely with our long-time customer to support its expansion strategy as it builds a fleet of the latest technology fuel-efficient aircraft,” Townend stated in a press release.

The engines of each aircraft are CFM LEAP-1A models. The delivery of all four aircraft is planned for 2024. 

“We are happy to announce that, through a lease agreement for four Airbus A320NEO aircraft, we have extended our partnership with BOC Aviation,” said IndiGo Chief Aircraft Acquisition and Financing Officer Riyaz Peermohamed.

He went on to say that these aircraft will be crucial to the company’s ambitions for growth and to fortifying our position in both home and foreign markets.

“At IndiGo, we are dedicated to providing our customers with unparalleled travel experiences, and this partnership will allow us to continue delivering affordable, on-time, and hassle-free travel across our extensive 6E network,” he stated.

Additionally last year in September, In order to further grow its fleet, officials revealed that, BOC Aviation Limited, based in Singapore, and IndiGo, the biggest airline in India, entered into a finance lease agreement involving ten Airbus A320NEO aircraft. According to BOC Aviation, all ten of the aircraft equipped with CFM LEAP-1A engines are expected to be delivered in 2023.

Steven Townend, Deputy Managing Director and Chief Financial Officer, BOC Aviation, stated, “We are delighted to be embarking on another transaction with our long-time customer IndiGo, to enable the airline to expand its fleet with the latest technology aircraft.”

“This showcases our ability to deploy alternative financing structures, to continue our long-term sustainable growth,” he stated.

“We are happy to strengthen our relationship with BOC Aviation by entering into a lease agreement for these ten aircraft,” stated IndiGo’s Chief Financing and Aircraft Acquisition Officer, Riyaz Peer Mohamed.

This continued partnership with BOC Aviation is a component of IndiGo’s plan to grow in both local and foreign markets.

These aircraft will assist IndiGo in strengthening its position in the area, where India is currently one of the world’s fastest-growing civil aviation markets,” the speaker stated.