Acumen Aviation Leasing IFSC PVT. Ltd Inks Letter of Intent for Aircraft Lease Agreement with Spirit Air LLP

Bangalore – 24-01-2024: Acumen Aviation Leasing IFSC Pvt. Ltd ("Acumen") is pleased to announce the formalisation of a letter of intent for the leasing of aircraft to be operated by Spirit Air LLP (“Spirit Air”), the India-based domestic commuter airline and dedicated Flight Training Organisation (FTO).  Spirit Air is responsible for providing key connectivity between remote landing strips, municipal sub-regional strips, and the country’s primary airports, whilst also dedicating itself to train a steady stream of future pilots capable of meeting future market demand. 

The proposed agreement encompasses the leasing of multiple aircraft and simulators to Spirit Air’s FTO.  The successful execution of the operation is contingent upon Spirit Air obtaining the necessary regulatory approvals, with the initial closing anticipated within the current quarter of 2024, followed by the measured growth and introduction of addition aircraft over time.

Alok Anand, Chairman and Chief Executive Officer of Acumen, remarked: "Venturing into the aircraft leasing business presents a remarkable opportunity to leverage our extensive experience, spanning over fourteen years, in Asset Management services. The acquisition of aircraft for Spirit Air LLP will be supported by a combination of debt and equity, ensuring optimal financial flexibility, backed by the confidence of lenders in Acumen's growth and returns."

Capt. Subodh K Verma, Founder and Partner of Spirit Air, stated: "Spirit Air LLP is committed to enhancing the flying experience by offering affordable seating options aboard proven aircraft. The launch of our Flight Training Organisation - Airline Captain Training Establishment at Hosur (Tamil Nadu), coupled with scheduled commuter services, ensures a steady supply of pilots to meet both our internal needs and the demands of the market. Upon securing the necessary approvals, we aspire to connect smaller locations to mainstream hubs like Mysore, Vidyanagar, Kalaburagi, Bidar with Juhu (Mumbai) airport and Kannur with Calicut, Cochin and Juhu (Mumbai) Airport,   aligning with our overarching vision. Our fleet strategy encompasses diverse aircraft types, including Cessna 172S, Tecnam P2006T, and later BN2T-4S Islanders and King Air 250’s. Our collaboration with Acumen extends beyond the current transaction, evolving into a robust partnership rooted in shared values and a commitment to achieving our mutual goals."