Standard Chartered and Akasa Air have closed an operating lease of five new Boeing 737 MAX 8 aircraft. The deal was structured, financed and arranged exclusively by Standard Chartered Aviation Finance. The first four aircraft (MAX 8) were delivered between December 2022 and March 2023, and the fifth aircraft is scheduled for delivery in the second quarter of 2023.

Being a single-aisle, narrow-body aircraft, the Boeing 737 MAX has greater fuel efficiency, helps reduce CO₂ emissions, produces less noise and increases passenger capacity. This demonstrates Standard Chartered’s commitment to help clients transition fleets to newer technology types and the industry to deliver on its net zero transition commitments.

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While the bank already provides Akasa Air with corporate banking solutions and services, this is the first aviation finance transaction with the airline.

Kieran Corr, Global Head of Aviation Finance and CEO of Ireland, Standard Chartered, added: “We are proud to further strengthen our relationship with Akasa Air and support its growth with these new additions to its fleet. This sale and leaseback deal shows our commitment to the Indian aviation market and to support our clients’ transition to the most fuel-efficient aircraft.”

Also read: Akasa Air targets 1,000 weekly flights by August

Bhavin Joshi, Co-Founder and SVP Leasing & Procurement, Akasa Air said: “We are delighted to expand our working relationship with Standard Chartered as we continue building one of the fastest growing airlines in the history of global aviation. This agreement is a mark of confidence and further endorses Akasa Air’s robust growth and sustainable expansion plans”.