Genesis Lease and IndiGo sign agreement for purchase/leaseback of two A320-200 aircraft

12 Jun 2007

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Shannon, Ireland: Genesis Lease Ltd has announced that it has a signed definitive agreement with InterGlobe Aviation Limited ("IndiGo") for the purchase and leaseback of two new Airbus A320-200 series aircraft. The aircraft are to be delivered to IndiGo at Airbus' manufacturing facility in Toulouse, France in July and September of 2007.

Commenting on the transaction, Genesis Lease Ltd's, chief commercial officer, Cian Dooley, said, "We are delighted to announce the additions of two more high quality Airbus A320-200 series aircraft to the Genesis Lease portfolio and to welcome IndiGo as a new customer."

Dooley added, "Globally, the demand for air travel continues to grow significantly. There is tremendous demand for aircraft, particularly young modern aircraft, which is driving a high level of leasing activity around the world. Genesis Lease is well positioned to help airlines meet their requirements by leveraging our innovative financing and operating structure."

The A320 aircraft is one of the most popular aircraft ever built, with more than 1,600 aircraft in operation globally with around 180 airlines and more than 1,000 on order for future delivery. The Airbus A320 is a high technology, economical and environmentally responsible aircraft. Fuel burn, emissions and noise footprints are among the best for aircraft in this size category.

Commenting on the transaction, IndiGo's president & CEO, Bruce Ashby, said, "IndiGo continues to play an increasingly significant role in the fast-growing civil aerospace sector in India. Growth in passenger numbers, since the airline commenced operation in August 2006, has been very rapid and we are steadily building our route network to meet this demand. We've already proved that the demand for an airline that provides affordable fares, runs on time and takes the hassles out of travel is very high."

After placing an order in 2005 for 100 Airbus A320-200 aircraft and launching operations in August 2006, IndiGo now operates a growing fleet of nine aircraft.

Genesis Lease Limited is a global commercial aircraft leasing company that is headquartered in Shannon, Ireland. Genesis acquires and leases modern, operationally efficient passenger and cargo jet aircraft to a diverse group of airlines throughout the world.

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