LOS ANGELES, November 26, 2018 - Air Lease Corporation (NYSE: AL; “ALC”) announced today long-term lease agreements for nine Airbus A320-200neo and six Airbus A321-200neo aircraft with Vistara, an Indian full-service airline that is a joint venture of TATA Sons Limited and Singapore Airlines Limited (SIA). The nine A320-200neo aircraft will feature CFM56 LEAP-1A26 engines and will be delivered to Vistara starting in the first quarter of 2021 through 2022. Featuring CFM56 LEAP-1A32 engines, the six A321-200neo aircraft will be delivered to the airline starting the first quarter of 2020 through 2021. All 15 aircraft will be delivered from ALC’s order book with Airbus.
“ALC is pleased to announce this significant lease placement of 15 aircraft with Vistara,” said Kishore Korde, Executive Vice President of Air Lease Corporation. “The A320-200neo and A321-200neo offer the most modern, fuel-efficient new technology that will greatly enhance Vistara’s fleet operations and passenger experience. ALC looks forward to a long and successful relationship with Vistara as we work together to modernize and grow the airline.”
With these 15 A320neo family aircraft and the A320-200’s already leased by ALC to Vistara, ALC is expected to become the lessor with the largest share in Vistara’s fleet as measured by number of aircraft as well as by aircraft value.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.
About Air Lease Corporation (NYSE: AL)
ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.
About Vistara (TATA SIA Airlines Ltd.)
TATA SIA Airlines Ltd., known by the brand name Vistara, is a joint venture between Tata Sons Limited and Singapore Airlines Limited (SIA) with Tata Sons holding the majority stake of 51% in the company and SIA holding the remaining 49%. Vistara brings together Tata’s and SIA’s legendary hospitality and renowned service excellence to launch the finest full-service carrier in India aimed at creating memorable and personalized flying experiences for its customers. Vistara commenced its commercial operations on January 9, 2015 with an aim to set new standards in the aviation industry in India.