Adani Ports and SEZ incorporates wholly-owned aircraft leasing unit

Mumbai: Adani Ports and Special Economic Zone Ltd (APSEZL) on Monday said it has incorporated a wholly-owned aircraft leasing unit, Udanvat Leasing IFSC Ltd.

The entity will have an authorised and paid-up share capital of Rs 2.5 crore.

Udanvat has been incorporated with the objective to carry out business activity of owning and leasing of aircraft, the compay said in a regulatory filing.

APSEZL has incorporated a wholly-owned subsidiary company "Udanvat Leasing IFSC Ltd" on October 23, 2023, the company said in the filing.

It also said Udanvat Leasing IFSC Ltd has been incorporated with an authorised and paid-up share capital of Rs 2,50,00,000 divided into 25,00,000 equity shares of Rs 10 each.

Last month, Tata Group-owned Air India had also announced setting up an aircraft leasing unit at IFSC (International Financial Services Centre) Gift City while budget carrier IndiGo also plans to establish a shop at IFSC Gift City.

Aircraft leasing firms that commence operations from the IFSC in Gujarat International Finance Tec-City (GIFT-City) are entitled to certain exemptions and benefits.