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Adani’s gift city arm to break even in nine years

February 20, 2024
in Business
Adani’s gift city arm to break even in nine years
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Updated – February 14, 2024 at 09:52 PM.

The move indicates growing confidence in Indian aviation market and the potential of GIFT City as a key aviation hub

Udanvat aims to compete in the global aircraft leasing market, aspiring to establish itself as a key player akin to established hubs like Dublin.

Udanvat aims to compete in the global aircraft leasing market, aspiring to establish itself as a key player akin to established hubs like Dublin.
| Photo Credit:
VIJAY SONEJI

Adani Ports’ subsidiary, Udanvat Leasing IFSC Ltd, is soaring into the aircraft leasing market with ambitious plans to achieve net foreign exchange positivity within nine years.

Udanvat, having received approval from IFSC Gift City, has outlined a 10-year roadmap. They project to break even in terms of net foreign exchange outgo by year nine. While the initial five years will see a projected outflow of ₹250 crore, Udanvat expects to turn the tide and generate net foreign exchange gains over the following years, according to documents reviewed by businessline.

The company plans to invest ₹555 crore over the next five years, with funding coming from a loan provided by its parent company, Adani Ports. This initial investment will lay the foundation for their aircraft leasing operations.

Primary focus

Udanvat will primarily focus on acquiring aircraft and leasing them through operating lease agreements. This model allows airlines to access aircraft without incurring the full ownership costs, providing flexibility and managing capital expenditure.

The company has recruited three seasoned professionals from Adani Group companies to lead their operations. This team brings diverse expertise in aviation, finance, and legal aspects, ensuring a smooth takeoff for the new venture.

Udanvat aims to compete in the global aircraft leasing market, aspiring to establish itself as a key player akin to established hubs like Dublin. This aligns with the Indian government’s efforts to position GIFT City as a global aviation hub. The government has actively encouraged aviation companies to set up shop in GIFT City, providing a supportive environment for growth.

Adani’s entry into the aircraft leasing space comes at a time when other major Indian players like Tata Group’s Air India and IndiGo are also announcing plans for similar ventures in GIFT City. This indicates a growing confidence in the Indian aviation market and the potential of GIFT City as a key aviation hub.

This move marks another step in the Adani Group’s continuous expansion within the aviation sector. With a significant 23 per cent share in India’s airport passenger traffic and the recent establishment of Adani Aviation Fuels in 2022, Udanvat Leasing further solidifies their presence in the aviation ecosystem.

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Copyright for syndicated content belongs to the linked Source : TheHinduBusinessLine – https://www.thehindubusinessline.com/companies/adanis-gift-city-arm-to-break-even-in-nine-years/article67846200.ece

Tags: Adani’sbusinessYears
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