BOC Aviation signs second Boeing 737-8200 lease deal with Akasa Air

BOC Aviation has signed a second aircraft lease agreement with Akasa Air for three additional Boeing 737-8200 aircraft, deepening a partnership aimed at supporting the Indian carrier’s long-term growth plans.

The agreement was announced on Wednesday and first reported by CNBC-TV18.

Under the transaction, BOC Aviation will purchase the aircraft and lease them back to Akasa Air through long-term operating lease arrangements.

The three aircraft are expected to be delivered by the end of 2026 and will be powered by CFM International LEAP-1B engines.

Agreement expands existing partnership

The latest transaction follows an earlier aircraft agreement signed between the two companies in November last year.

Paul Kent, Chief Commercial Officer at BOC Aviation, said the company was pleased to expand its relationship with Akasa Air as the airline continues to scale operations within India and internationally.

According to the statement reported by CNBC-TV18, Kent described the Boeing 737-8200 as one of the world’s most widely used and fuel-efficient single-aisle aircraft types.

The aircraft model forms a significant part of BOC Aviation’s global orderbook and leasing portfolio.

Akasa Air continues aggressive fleet expansion

The additional aircraft will support Akasa Air’s ongoing fleet expansion strategy as the airline seeks to strengthen domestic and international operations.

Akasa Air began commercial operations in August 2022 and says it has carried more than 27 million passengers since launch.

The airline currently operates services to:

• 27 domestic destinations across India
• Seven international destinations including Doha, Jeddah, Riyadh, Abu Dhabi, Kuwait City, Phuket and Hanoi

At present, the airline operates 38 Boeing 737 MAX aircraft.

Akasa Air has also placed an order for 226 Boeing 737 MAX aircraft equipped with LEAP-1B engines as part of its broader long-term growth strategy.

Leasing market reflects confidence in Indian aviation

The latest agreement highlights continued confidence among aircraft lessors in India’s aviation sector, which remains one of the fastest-growing airline markets globally.

Priya Mehra, Chief of Governance and Strategic Acquisitions at Akasa Air, said the second transaction with BOC Aviation reflected shared confidence in the airline’s expansion trajectory and the long-term growth potential of Indian aviation.

Industry analysts note that sale-and-leaseback transactions have become increasingly important for airlines looking to expand fleets while preserving capital flexibility.

Aircraft leasing companies have also increased exposure to Indian carriers as domestic passenger demand, international connectivity and fleet requirements continue to rise.

Fuel efficiency remains central to fleet strategy

The Boeing 737-8200 forms part of the broader Boeing 737 MAX family designed to improve operational efficiency and reduce fuel consumption.

Akasa Air has said its current Boeing 737 MAX fleet delivers improved fuel efficiency and produces significantly lower cabin noise compared to older-generation aircraft.

The airline’s continued investment in narrowbody aircraft reflects strong demand growth across short-haul and medium-haul markets in India and the Gulf region.

As competition intensifies among Indian carriers, fleet scale, operational efficiency and aircraft availability are expected to remain critical factors shaping expansion strategies over the coming years.