Air India Express (IX, Delhi International) has executed a sale and leaseback deal with Griffin Global Asset Management and Bain Capital involving ten B737-8s. The LCC received the first aircraft in November 2023, with the remaining nine scheduled for delivery by March 31, 2024. Air India Express is a wholly-owned subsidiary of Air India, which in turn is controlled by Tata Sons.

“Modernizing our fleet stands as a pivotal element within the Air India group's ongoing, comprehensive transformation. These new aircraft are significant enhancements," said Nipun Aggarwal, a director at Air India Express.

Air India Express's fleet comprises six B737-8s, twenty-six B737-800s, and three wet-leased A320-200Ns. The LCC also has forty-seven B737-8s on order. According to the ch-aviation fleets ownership module, the two most recent B737-8s delivered to Air India Express, VT-BXB (msn 61647) and VT-BXH (msn 60914), are owned and managed by the Griffin/Bain partnership.

In early 2020, Griffin teamed up with Bain Capital to develop a commercial aviation leasing and asset management platform to build a diversified aircraft portfolio. Under the joint venture's terms, Bain provides the capital while Griffin looks after management services. While the partnership has since placed orders directly with OEMs, it is particularly active in the sale and leaseback space, recently closing deals with Iberia, Aer Lingus, British Airways, and Aeroméxico, among others.

"The Air India management team has actioned a remarkable re-invigoration of the airline and we look forward to growing our strong relationship with them for many years to come,” said Ryan McKenna, Chief Executive Officer of Griffin.