Donna Ager
Partner
London
Ireland
The transaction is particularly noteworthy as it marked a number of significant firsts in aviation financing:
- the first Airbus A350-900 aircraft to be operated by an Indian operator; and
- the first time GIFT City International Financial Services Centre (IFSC) in Gujarat, India has been used in aviation financing in a deal between Air India's wholly owned subsidiary AI Fleet Services (AIFS) and HSBC.
The transaction also marks the beginning of Air India's aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group entity for wide body aircraft financing, playing a pivotal role in the future aircraft financing strategy for Air India.
Instructing Walkers in Ireland for legal and fiduciary services was a statement of confidence in our ability to assist with the execution of an innovative transaction of this magnitude, in addition to being able to offer pragmatic advice in a cost effective and commercial manner. Given the large order books of Indian airlines, we expect to see an increase in volume of aircraft financing and leasing activity in India. The benefits and incentives being offered by GIFT City will be a key component in structuring these deals.
Partners Matt Hedigan, Killian McSharry and Tax Consultant Padhraic Mulpeter led the Walkers legal team with support from Of Counsel, Elliot Milton, and Associates Diana Pacheco and Roisin O'Connor. The Walkers Professional Services team was led by members that included Joanna Taylor and Adithya Sivaraman.
