Willis Lease Finance has signed definitive sale-and-lease-back agreements with Air India for 34 CFM56-5B engines installed on the Airbus A320 family fleet. The engines are under Willis Lease’s ConstantThrust program, which will deliver significant reliability and cost savings compared to a traditional MRO store visit program. This is the first ConstantThrust sale and leaseback agreement for aircraft engines by an Indian airline.
Willis Lease will purchase 34 engines for 13 Airbus A321 aircraft and 4 Airbus A320 aircraft from Air India. Through its ConstantThrust program, Willis Lease will provide replacement and standby spare engines, enabling Air India to avoid costly and unpredictable store visits on engines powering a transfer fleet. Willis Lease will also have a team in the country to coordinate and manage the entire program and all logistics and transportation.
Willis Lease’s ConstantThrust program leverages these capabilities and its spare parts, engine and aircraft technical management services, as well as its aircraft engine maintenance, repair and overhaul (MRO) services, to provide programmatic support to airlines and lessors worldwide.
“This is a very unique and groundbreaking transaction that will enable Air India to eliminate the maintenance burden and completely rid itself of the uncertainty about maintenance costs associated with the engines not covered by a “Power by the Hour”- program with the OEMs,” said Nipun Aggarwal, CCO of Air India. “This transaction enables Air India to reduce operational risk, improve fleet reliability, reduce costs and optimize cash flows.”