Thumby Aviation, a non-scheduled air transport operator headquartered in Mumbai, has completed a helicopter lease transaction with Vman Aviation Services, India's first aircraft leasing company, approved by the International Financial Services Centres Authority (IFSCA) in GIFT City.

“We are delighted and proud to be the first customer of Vman and inducting a brand-new Airbus H125 helicopter,” comments group captain and MD KNG Nair. “Having an Indian lessor makes business easier and hassle-free for operators in India. This will certainly metamorphose the general aviation business in India, bolstering its rapid growth.”

“We are extremely happy to associate with Vman, and we are sure that this is the first of many more helicopters through them,” adds Govind Nair, director of business development.

Vman's vision is to develop aviation as a change tool to transform people's economic and social lives, in areas of operation, for better prosperity and with minimum environmental impact, according to Vman CEO Vishok Mansingh: “Aircraft leasing at most economical cost is a very significant step in this direction. We appreciate the proactive role played by the Ministry of Civil Aviation, Ministry of Finance, IFSCA and GIFT City to onshore aircraft leasing activities in India from offshore centres to make it happen. The government of India, IFSCA and GIFT City, in their endeavour to develop a GIFT-IFSC as a hub for aircraft leasing, have played a significant role in establishing leasing regulations and an ecosystem, which facilitate ease of doing business, a competitive tax regime and world best practices for promoting the nascent leasing industry in India.”

Dipesh Shah, head of development, IFSC Authority, GIFT IFSC, adds: “The IFSC in India is enabling various structures and businesses, which otherwise were served from global financial centres; this transaction is a great demonstration for onshoring offshore financial services. We are seeing great traction from potential lessors to set up bases at GIFT IFSC to serve both India as well as the global markets.”

Vman CFO Rajarshi Sen concludes: “We are happy to partner with Thumby Aviation for the first helicopter lease transaction by an Indian leasing company. Vman's leasing experience along with Thumby Aviation's impeccable professional experience will help the growth of this segment on a par with commercial aviation growth in India.”