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Vman Aviation Services IFSC Pvt Ltd is set to become the first leasing company to start operations from International Financial Service Centre (IFSC) at Gujarat International Fin-Tec City. The company, which has received all approvals, will complete its first transaction by the first week of May. The transaction is likely to cost €5.0 million for two helicopters and will be delivered by September-October.
As many as four companies had expressed early interest to set up a leasing company in IFSC’s GIFT City. While SpiceJet and HAL were looking to lease aircraft or helicopters from the GIFT city.
Speaking to BusinessLine , officials at GIFT city said that Vman Aviation was the first leasing company to get its approval last week. Another two players, Acumen and JetSetGo, are yet to get their approvals. One of the sources added that Vman was likely to conduct its first transaction out of GIFT City as early as next week.
While Vishok Mansingh, CEO, of Vman did not divulge details, he said: “We will start ordering assets in the coming week to build up our asset portfolio. We expect delivery of the asset by September-October.”
Vman Aero Services LLP is a Mumbai based aviation consultancy and asset management company that provides services across all segments of commercial civil aviation. Its 100 per cent subsidiary is Vman Aviation Services IFSC Pvt Ltd
Airbus’ H125 is the most popular single engine helicopter type in India . Sources have said that “Vman, too, is likely to opt for two of these helicopters. The transaction is likely to go through in the first week of May. The transaction is likely to cost €5.0 million.”
The Indian aviation industry has been dominated by lessors from Ireland and Hong Kong. However,
Speaking about the potential growth of the GIFT city, Tapan Ray, MD & Group CEO, GIFT City said he sees a huge traction from the leasing industry players in the future.
"GIFT IFSC is emerging as a hub for aircraft leasing & financing activities as lessors have started taking the advantage of new regulatory framework to serve India’s hinterland demand. We foresee huge attraction from the industry players to set up leasing business in IFSC at GIFT City."
GIFT City is supposed to act like a single-window approval platform for the lessors willing to invest. This year’s budget from the Finance Ministry had also provided incentives like 10-year tax holidays, waiver of capital gain taxes on aircraft disposal during the tax holiday period, and waiver of basic custom duty, stamp duty and withholding tax on interest payments on royalty for non-residents.
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