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Sunday, September 26, 2021

First aircraft registered in Indian facility for leasing purposes lands in Nagpur SEZ

Under the GIFT City project headquartered in Ahmadabad, Indian aviation companies can now register there and operate their leasing business from India itself.

Written by Vivek Deshpande | Nagpur |
Updated: August 20, 2021 10:06:46 am
Aircraft leasing india, Gift city project, Nagpur SEZ, Special Economic Zone, JetSetFleet, nagpur, nagpur news, indian express, indian express newsEarlier, for leasing in and leasing out of such aircraft, Indian companies had to register in foreign countries like Ireland. (Representational)

In a first, the maiden aircraft imported by JetSetFleet Management Services IFSC Pvt Ltd from UK landed in the Special Economic Zone (SEZ) of Multimodal Hub Airport at Nagpur (MIHAN) project area, under the GIFT City project of the central government to facilitate lease-in and lease-out of chartered aircraft.

Earlier, for leasing in and leasing out of such aircraft, Indian companies had to register in foreign countries like Ireland. Under the GIFT City project headquartered in Ahmadabad, Indian aviation companies can now register there and operate their leasing business from India itself.

JetSetFleet Management Services IFSC Private is a leasing arm of Delhi-based JetSetGo Aviation Services Pvt Ltd. IFSC is an acronym for International Financial Services Centre, which is a regulatory authority for offshore financial transactions. Companies regulated by IFSC have to carry IFSC as part of their name.

The company’s founder and CEO Kanika Tekriwal received the six-seater plane, along with Nagpur District Guardian Minister Nitin Raut, District Collector R Vimala and Mayor Dayashankar Tiwari, in the parking area of the Indian Airlines Maintenance, Repair and Overhaul (MRO) facility here.

“With the import of the Hawker 800, we are extremely proud to be the first Indian leasing company to bring an aircraft into the country directly. This is not just a big milestone for us as a business, but also a historic move for India’s aviation industry as a whole,” Tekriwal told mediapersons.


“The plane will be leased to Info Pacific Aviation Pvt Ltd, a subsidiary company of JetSetFleet,” she added.

“The company proposes to buy six more planes for leasing business over the next one year under the Gift City project… the facilitation of purchasing least-purpose aircraft by registering within the country will save precious foreign currency in terms of lease rental, which earlier had to be deposited in the foreign country where the company was registered,” said Tekriwal.

She said the company had a choice to land the aircraft at Hyderabad airport too, which is the only other airport in India besides Nagpur that is connected to the SEZ by a taxiway. “But we got quick clearness from MIHAN and Maharashtra authorities,” she said.

“The aircraft acquired under the GIFT City scheme operates with Non-scheduled Operation Permit (NSOP), meant for use by corporates or business leaders,” Abhishek Kumar, vice-president of JetSetGo Aviation Services Pvt Ltd, told The Indian Express.

Dipesh Shah, head of development at International Financial Services Centres Authority, said, “IFSC at GIFT City is an off-shore centre in India which facilitates undertaking off-shore transactions on-shore, thereby creating new business opportunities and jobs in India…Considering MIHAN SEZ has airport facilities, it enabled parking facilities for aircraft and thereby helped the first transaction to move quickly, allowing India’s first aircraft leased from IFSC to India”

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