Airline Code [IGO]
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(CAPA): Genesis Lease Ltd announced it signed definitive agreement with Indias InterGlobe Aviation Limited (IndiGo) for the purchase and leaseback of two Airbus A320-200 aircraft, scheduled for delivery in July-September 2007.
Cian Dooley, Genesis Lease Ltd Chief Commercial Officer, states “globally, the demand for air travel continues to grow significantly. There is tremendous demand for aircraft, particularly young modern aircraft, which is driving a high level of leasing activity around the world. Genesis Lease is well positioned to help airlines meet their requirements by leveraging our financing and operating structure."
Commenting on the transaction, Bruce Ashby IndiGo's President & CEO, "IndiGo continues to play an increasingly significant role in the fast-growing civil aerospace sector in India. Growth in passenger numbers since the airline commenced operation in August 2006 has been very rapid and we are steadily building our route network to meet this demand. We've already proved that the demand for an airline that provides affordable fares, runs on time and takes the hassles out of travel is very high."
Mr. Ashby concluded, "These Airbus A320-200 aircraft are a key part of our business strategy and we look forward to operating them for many years to come. We are pleased to be entering into a business relationship with Genesis Lease and look forward to developing that relationship further."
The A320 has more then 1,600 aircraft in operation globally with around 180 airlines and more than 1,000 on order for future delivery.
About IndiGo
After placing an order in 2005 for 100 Airbus A320-200 aircraft and launching operations in August 2006, IndiGo now operates a growing fleet of nine aircraft and operates to 14 destinations. About Genesis Lease Ltd
Genesis Lease Ltd is a global commercial aircraft leasing company that is headquartered in Shannon, Ireland. Genesis acquires and leases modern, operationally efficient passenger and cargo jet aircraft to a diverse group of airlines throughout the world. Genesis leverages the worldwide platform of GE Commercial Aviation Services Ltd, or GECAS, to service its portfolio of leases, allowing management to focus on executing its growth strategy.
Genesis' common shares, in the form of American Depositary Shares, are listed on the New York Stock Exchange under the symbol 'GLS'. Date posted: 13-Jun-07 |
Genesis Lease Ltd signs agreement with IndiGo for purchase and leaseback of two Airbus A320-200 
