Air India on Thursday announced a sale and lease back tie-up with U.S.-based Willis Lease Finance Corporation for 34 CFM engines installed on 17 of its Airbus A320 family aircraft.
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The alliance involves Willis Lease buying 34 engines and provide spare and replacement engines, helping the airline avoid costly and unpredictable shop visits, the former national air carrier said in a statement.
Willis Lease will also have an in-country team to co-ordinate and manage the programme and all logistics and transportation involved.
The airline's COO Nipun Aggarwal said that the agreement would enable Air India to "eliminate the maintenance burden and fully derisk itself from the maintenance cost uncertainty associated" with those engines that are not covered under similar programmes offered by the original equipment manufacturer.