BOC Aviation signs purchase-and-leaseback agreement with IndiGo for eight new Airbus 320NEO aircraft

BOC Aviation Limited ("BOC Aviation" or the "Company") is pleased to announce that it has signed purchase-and-leaseback agreements with InterGlobe Aviation Ltd. ("IndiGo") for eight new Airbus A320NEO aircraft. The aircraft will be powered by CFM Leap engines and are scheduled to be delivered in the second half of 2021.

Mr. Riyaz Peermohamed, Chief Aircraft Acquisition & Financing Officer, IndiGo, said: "We are pleased to further strengthen our existing relationship with BOC Aviation. The addition of these eight A320 neo aircraft demonstrates our confidence in the future growth of the aviation market in India."

Mr. Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation, said: "We are delighted to partner once again with IndiGo, India's largest passenger airline, as we continue to support our airline customers to finance their aircraft deliveries."

"This incremental capital expenditure also reflects our disciplined investment strategy throughout the cycle, focused on building a portfolio of latest technology aircraft," added Mr. Martin.

Shares of InterGlobe Aviation Ltd was last trading in BSE at Rs.1674.9 as compared to the previous close of Rs. 1623.15. The total number of shares traded during the day was 79010 in over 5142 trades.

The stock hit an intraday high of Rs. 1684.95 and intraday low of 1615. The net turnover during the day was Rs. 131620486.

Source : Equity Bulls

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