Chennai: The Gujarat International Finance Tec-City (GIFT City) is eyeing a major share of the aircraft leasing market. Currently, GIFT City has a portfolio of about 40 lessors comprising more than 220 aircraft and engines.Dominated by Dublin, the global aircraft leasing market was valued at $187 billion in 2025. The formalisation of the international Cape Town Convention through the Protection of Interests in Aircraft Objects Act earlier this year has come as a major boost.GIFT City MD and group CEO, Sanjay Kaul, said that India is one of the fastest-growing aviation markets in the world.“Currently, about 800–900 aircraft are being operated in India. Among the three major airlines, close to 2,200 aircraft are on order. Aircraft are flying in one place, while financing is happening elsewhere. Why shouldn’t that financing happen in India? As a first step, we want to bring that business to India through GIFT City. Gradually, leasing activities currently undertaken in countries such as Ireland, the UAE, and Singapore will also be carried out from India,” he told reporters here on Thursday.Noting that the Cape Town Convention has been formalised, he said the move enables lessors to reclaim their assets (aircraft). “Recently, the International Financial Services Centres Authority (IFSCA) introduced another framework that separates the lessor from the lender. Under this framework, a Special Purpose Vehicle (SPV) structure acts as an intermediary,” he added.Under the recent amendment, Trust and Company Service Providers (TCSPs) can offer services to lessors by setting up SPV structures for aircraft leasing from GIFT IFSC.
