Veling Ltd, a Mauritius-based and privately-owned aircraft leasing company promoted by people of Indian origin, has purchased a new Airbus A380 and leased it back to Emirates Airline.

Delivery of the aircraft took place on May 12 at the Airbus Delivery Centre in Hamburg, Uday Nayak and Nirvan Veersamy, co-founders of Veling, told BusinessLine .

It was immediately leased to Emirates and will become its 95th A380 to enter service. This enhances Emirates' position as the world's largest A380 operator.

"The deal is a testimonial of Veling's commitment and value propositions which we have adhered to since its inception in 2002," Nayak and Veerasamy said.

Veling has since grown to be a valuable partner for airlines in a highly competitive international aircraft leasing market.

"The acquisition of the A380 is not only a milestone for Veling, but it is also gratifying to have the confidence of Emirates in its capability to close such a complex transaction in the required timescale."

Nirmal Govindadas, Senior Vice-President, Corporate Treasury, Emirates, said that the airlines's financing strategy and its reputation with financial institutions enabled it access to international funds. Growing the fleet of wide-bodied aircraft is a cornerstone of its growth strategy.

The A380 is the world's largest commercial aircraft, completing more than 300 flights per day. It operates in over 120 airports and currently serves 60 destinations worldwide.

The Emirates A380 flies to 47 destinations around the world. Currently, an A380 lands or takes off around the world every two minutes.

The Veling Group is focused on key businesses in aircraft leasing, sales and re-marketing of commercial airliners and executive jets, aircraft asset management and structured finance.

The group also owns and operates two private airport terminals in Mauritius and St Kitts and Nevis. It has subsidiary offices in London and Dubai.

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