Friday, December 2, 2022

ModAir leased the first Aircraft to FTO through GIFT CITY

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Mumbai, July 22: ModAir, an entity registered in GIFT City, Gandhi Nagar, Gujarat, as an aircraft leasing company, leased out its first aircraft, which is an Italian trainer twin engine Aircraft (Tecnam), to a flight training academy in Jalgaon, Maharashtra through a lease of IFSC city, Ahmedabad. This is the first time a trainer aircraft has been leased in India to an FTO. ModAir has set a benchmark in Indian Aviation by leasing an aircraft which will be helpful for the aspiring pilots of our country.

The aircraft was brought from Jalgaon and towed into the Air India MRO at MIHAN SEZ after landing at Nagpur’s Dr. Babasaheb Ambedkar International Airport. Parking and warehouse services were provided by Air India MRO

Atul Jain, Managing Director of Mod Air, said, “The Company plans to bring 20 more trainer aircraft by the end of 2025 through GIFT CITY. We are happy to lease the aircraft to a Flying Training Organisation through GIFT CITY for the first time in the country. With this initiative, we want to ensure that leasing of aircraft to FTOs becomes achievable in India. Flight training in India can take up to three years to finish, while in international schools 8 – 12 months. An absence of flying machines also hinders potential training. Flight schools often finance the purchase of new airplanes for their training fleet. Leasing can improve a flight training operator’s cash flow situation by allowing them to continue modernisation with technologically advanced aircraft even in challenging economic times. We are ready to help to lease more aircraft to FTOs to make this model successful under AtmaNirbhar Bharat.”

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