Griffin Global Asset Management and Bain Capital through their joint venture agreed to purchase and leaseback of ten Boeing 737-8 aircraft to Air India Express, a subsidiary airline of Air India. The first aircraft was delivered in November 2023, and the remaining nine are to be delivered throughout the remainder of the fourth quarter of 2023 and the first quarter of 2024.

“After many months of close collaboration, we are excited to partner with Air India and Air India Express to support their fleet expansion with these latest technology aircraft. The Air India management team has actioned a remarkable re-invigoration of the airline and we look forward to growing our strong relationship with them for many years to come,” Ryan McKenna, CEO of Griffin, said.

This transaction is another milestone in the joint venture between Griffin and Bain Capital, which established a commercial aviation leasing and asset management platform in January 2020. It further demonstrates the platform’s ability to provide bespoke solutions to airlines, original equipment manufacturers and others across the industry.

“India is one of the fastest growing aviation hubs not only in Asia but across the world, with enormous future potential as a result of policy support, significant demand for travel, and the advancement of airlines like Air India,” Sarit Chopra, partner at Bain Capital, said.

“Together with Griffin, we aim to provide high-quality, next-generation aircraft to help Air India and Tata Group meet and exceed this demand. This is a great example of the breadth of the Bain Capital platform, our desire to partner with leading Indian companies, and our strong commitment to India,” Pawan Singh, partner at Bain Capital, said.

“Modernizing our fleet stands as a pivotal element within the Air India group’s ongoing, comprehensive transformation,” Nipun Aggarwal, chief commercial and transformation officer of Air India, and director of Air India Express, said. “These new aircraft are significant enhancements, helping us to provide customers with a differentiated flying experience while enhancing reliability and cost efficiency. We value Griffin’s profound expertise in aircraft leasing, and we are delighted to collaborate with them in financing ten aircraft.”