Willis Lease Finance Corp. (WLFC), a lessor of commercial aircraft engines and provider of global aviation service operations, Thursday announced definitive engine sale and leaseback agreements with Air India Express, a unit of Air India.
The agreements are for 26 CFM56-7B engines installed on 13 of its Boeing 737-800 aircraft. The engines will be covered under WLFC's ConstantThrust program, which helps airlines manage the risk and cost of engine overhauls. The company provides serviceable engines from its portfolio in place of engines that need to be removed for maintenance.
The program offers enhanced reliability and significant cost savings compared to traditional MRO shop visits.
Willis Lease Finance in 2022 had signed the ConstantThrust program with Air India, covering 34 CFM56-5B engines installed on Air Indias Airbus A320 family fleet.
The company now noted that both programs will be managed in part by WLFC's team located in GIFT City, India.
Aloke Singh, Chief Executive Officer of Air India, said, "WLFC's ConstantThrust program has been successful so far for Air India and we are pleased to expand our partnership with WLFC in support of the Air India Express fleet. This agreement allows us to eliminate the uncertainties associated with engine maintenance and mitigate unpredictable costs. WLFC's ConstantThrust program will help us improve fleet reliability, reduce cost and optimize cash flows."
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