Sky One, which has placed a bid for defunct GoFirst, has set up an aircraft leasing shop at IFSC Gift City. The total net foreign exchange outgo is over 182 crore.

According to sources at IFSC Gift city, Skyone has said it aims to “carry the business of operating lease for an aircraft including lease arrangement, sale and leaseback, novation, transfer, assignment, securitisation, asset management among other things.” The company’s application was approved by IFSC earlier this week.

Sky One is a Sharjah-based aviation solutions company. It commenced operations in 2008 with helicopter and fixed-wing charter services. The company’s chairman Jaideep Mirchandani said, “Gift City gives us the opportunity to lower our exposure by saving on GST.” Though he did not confirm the exact number of aircraft being leased out of the entity, he added that the initial investment will be to the tune of ₹30 crore.

businessline had reported that a total of 148 aviation assets have been leased from Gift IFSC so far. This includes 20 aircraft, 9 helicopters, 63 aircraft engines and 56 ground support equipment. The overall value of aircraft assets leased from IFSC has crossed $1 billion.

Sky One offers services including charters, crew training, operations, and maintenance. Its services and solutions are carefully designed to cater to the diverse needs of the aviation industry with 60-plus assets under management.

Expansion

Sky One wants to expand in India and is looking for key acquisitions and partnerships. It has placed a bid for GoFirst. Mirchandani said, “We have submitted the bid for Go First and look forward to the next stage — due diligence. Given our vast experience in aviation across the globe, we are confident about the acquisition. Indian aviation is at the cusp of unprecedented growth and we are glad to play a part in it.”

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