DUBLIN, Ireland, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Griffin Global Asset Management (“Griffin”) and Bain Capital through their joint venture today announced they agreed to purchase and leaseback of ten Boeing 737-8 aircraft to Air India Express, a subsidiary airline of Air India. The first aircraft was delivered in November 2023, and the remaining nine are to be delivered throughout the remainder of the fourth quarter of 2023 and the first quarter of 2024.
“After many months of close collaboration, we are excited to partner with Air India and Air India Express to support their fleet expansion with these latest technology aircraft. The Air India management team has actioned a remarkable re-invigoration of the airline and we look forward to growing our strong relationship with them for many years to come,” said Ryan McKenna, Chief Executive Officer of Griffin.
This transaction is another milestone in the joint venture between Griffin and Bain Capital, which established a world-class commercial aviation leasing and asset management platform in January 2020. It further demonstrates the platform’s ability to provide bespoke solutions to airlines, original equipment manufacturers, and others across the industry.
“India is one of the fastest growing aviation hubs not only in Asia but across the world, with enormous future potential as a result of policy support, significant demand for travel, and the advancement of airlines like Air India,” said Sarit Chopra a Partner at Bain Capital. “Together with Griffin, we aim to provide high-quality, next-generation aircraft to help Air India and Tata Group meet and exceed this demand. This is a great example of the breadth of the Bain Capital platform, our desire to partner with leading Indian companies, and our strong commitment to India,” added Pawan Singh, a Partner at Bain Capital.
Nipun Aggarwal, Chief Commercial & Transformation Officer of Air India, and Director of Air India Express, said: “Modernizing our fleet stands as a pivotal element within the Air India group's ongoing, comprehensive transformation. These new aircraft are significant enhancements, helping us to provide customers with a differentiated flying experience while enhancing reliability and cost efficiency. We value Griffin's profound expertise in aircraft leasing, and we are delighted to collaborate with them in financing ten aircraft.”
About Griffin Global Asset Management
Griffin is a commercial aircraft leasing and alternative asset management business with offices in Dublin, Ireland, Puerto Rico, and Los Angeles, CA. Griffin’s team of aviation professionals works closely with airlines, OEMs, and financiers to deliver customized fleet solutions and innovative financing products to airlines globally.
For more information visit www.griffingam.ie or www.griffingam.com
About Bain Capital
Bain Capital, LP is one of the world's leading private investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we've applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,700 employees and approximately $180 billion in assets under management. To learn more, visit www.baincapital.com
About Air India
Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has built an extensive domestic network with non-stop flights to cities around the world, across the USA, Canada, UK, Europe, Far East, South-East Asia, Australia, and the Gulf. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022.
Air India is navigating through a major five-year transformation roadmap under the aegis of Vihaan.AI, with an ambition to become a world class airline with an Indian heart. The first phase of this transformation, the taxi phase was recently concluded, and focused on fixing the basics. These included bringing back to service many long grounded aircraft, addition of talent across flying and ground functions, rapid upgradation of technology and strengthening of customer care initiatives amongst others.
A member of Star Alliance, the largest global airline consortium of leading international airlines, Air India offers seamless connectivity and facilities to passengers all over the world.
About Air India Express
Air India Express is a subsidiary of Air India and a part of the Tata group, operating over 300 flights daily across 30 domestic and 14 international airports, with a fleet of 57 aircraft, comprising 29 Boeing 737s and 28 Airbus A320s. Air India Express invites guests with the proposition to ‘Fly As You Are’, using thoughtfully considered technology to enable flyers to personalise and take charge of their travel experience. The airline offers Gourmair hot meals, comfortable seats, pioneering in-flight entertainment AirFlix, and a host of exclusive loyalty benefits for members of the Tata NeuPass rewards program. With a sense of unique Indian warmth, extending unique features on its award-winning website. In January 2022, Air India Express, together with Air India, was successfully privatised, with ownership returning to the Tata group that had initially founded Air India.
Investor Inquiries
James Moriarty
Head of Investor Relations
jmoriarty@griffingam.ie
Press Inquiries
For Griffin Global Asset Management
Lauren Groom
lgroom@griffingam.com
For Bain Capital
Eddie de Sciora
edesciora@baincapital.com
