SHANNON, Ireland, June 12, 2007 (PRIME NEWSWIRE) -- Genesis Lease Limited (NYSE:GLS) announced today that it has a signed definitive agreement with InterGlobe Aviation Limited ("IndiGo") of New Delhi, India for the purchase and leaseback of two new Airbus A320-200 series aircraft. The aircraft are scheduled to be delivered to IndiGo at Airbus' manufacturing facility in Toulouse, France in July and September of 2007.
Commenting on the transaction, Genesis Lease Limited's Chief Commercial Officer, Cian Dooley, said, "We are delighted to announce the additions of two more high quality Airbus A320-200 series aircraft to the Genesis Lease portfolio and to welcome IndiGo as a new customer. We are also very pleased to have concluded the purchase and lease back transaction on mutually attractive terms."
Mr. Dooley continued, "Globally, the demand for air travel continues to grow significantly. There is tremendous demand for aircraft, particularly young modern aircraft, which is driving a high level of leasing activity around the world. Genesis Lease is well positioned to help airlines meet their requirements by leveraging our innovative financing and operating structure."
The A320 aircraft is one of the most popular aircraft ever built, with more than 1,600 aircraft in operation globally with around 180 airlines and more than 1,000 on order for future delivery. The Airbus A320 is a high technology, economical and environmentally responsible aircraft. Fuel burn, emissions and noise footprints are among the best for aircraft in this size category.
Commenting on the transaction, IndiGo's President & CEO, Mr. Bruce Ashby, said, "IndiGo continues to play an increasingly significant role in the fast-growing civil aerospace sector in India. Growth in passenger numbers since the airline commenced operation in August 2006 has been very rapid and we are steadily building our route network to meet this demand. We've already proved that the demand for an airline that provides affordable fares, runs on time and takes the hassles out of travel is very high."
Mr. Ashby concluded, "These Airbus A320-200 aircraft are a key part of our business strategy and we look forward to operating them for many years to come. We are pleased to be entering into a business relationship with Genesis Lease and look forward to developing that relationship further."
About IndiGo
After placing an order in 2005 for 100 Airbus A320-200 aircraft and launching operations in August 2006, IndiGo now operates a growing fleet of nine aircraft.
IndiGo is built for people with things to do, places to be, people to see - who don't want to waste time, money or energy in the process. By minimizing the cost/time/tension of air travel, IndiGo is opening up a country full of opportunities.
IndiGo focuses on doing one thing, and doing it well and believes it can offer the lowest fares by staying focused, which keeps costs down without cutting corners or compromising on things that matter.
About Genesis Lease Limited
Genesis Lease Limited is a global commercial aircraft leasing company that is headquartered in Shannon, Ireland. Genesis acquires and leases modern, operationally efficient passenger and cargo jet aircraft to a diverse group of airlines throughout the world. Genesis leverages the worldwide platform of GE Commercial Aviation Services Limited, or GECAS, to service its portfolio of leases, allowing management to focus on executing its growth strategy.
Genesis' common shares, in the form of American Depositary Shares, are listed on the New York Stock Exchange under the symbol "GLS."
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