Indian budget carrier IndiGo said it has signed a $2.6 billion deal to add Airbus A320 planes to its fleet.
IndiGo has signed a memorandum of understanding with Industrial and Commercial Bank of China Ltd (ICBC) for the addition of at least 30 new jets.
"Through this MoU, ICBC will provide IndiGo financial solutions for the introduction of A320 and the other family of aircraft to the fleet in the form of sale and lease back or financial lease, or commercial lending," said said Aditya Ghosh, president of IndiGo.
Most of IndiGo’s fleet is financed through sale and leaseback agreements with third parties, which has helped keep it out of the red, as many of its competitors are struggling financially in a very competitive domestic market.
IndiGo is India’s largest airline by market share and currently operates 81 Airbus A320 planes with around 500 daily departures.
