Tata-SIA JV focused on growing footprint in India and globally, says Maru
Standard Chartered has successfully closed the debt financing of one new Airbus A320neo aircraft with Vistara, a joint venture between the Tata group and Singapore Airlines (SIA) which is focused on growing footprint in India and across the globe.
“Vistara is focused on growing its footprint in India and across the globe; and a young, sustainable fleet is key to our strategy,” Niyant Maru, Chief Financial Officer, Vistara, said on 13 July 2022.
“We are delighted to associate with Standard Chartered as they enable us to expand our fleet,” he said of the deal, structured, financed and arranged exclusively by Standard Chartered Aviation Finance.
The aircraft was delivered by Airbus to Vistara in April 2022.
Being a single-aisle, narrow-body aircraft, the Airbus A320neo has greater fuel efficiency, helps reduce CO₂ emissions, produces less noise and increases passenger capacity.
This demonstrates Standard Chartered’s commitment to help clients transition fleets to newer technology types and the industry to deliver on its net zero transition commitments.
Although the Bank provides Vistara with corporate banking expertise and services, this is the first aviation finance transaction completed with the airline.
Kieran Corr, Global Head of Aviation Finance and CEO of Ireland, Standard Chartered, added, “We are proud to build a relationship with Vistara and support its expansion plans. This new Airbus A320neo financing transaction shows our commitment to help our clients operate a more fuel-efficient aircraft fleet.” fiinews.com
