Adani Ports and SEZ incorporates wholly-owned Udanvat Leasing IFSC Ltd

On Monday, Adani Ports and Special Economic Zone Ltd (APSEZL) announced the incorporation of Udanvat Leasing IFSC Ltd, a wholly-owned aircraft leasing company.

The firm will have a Rs 2.5 crore approved and paid-up share capital.

According to a company regulatory filing, Udanvat was founded with the intention of engaging in the aircraft ownership and leasing sector.

According to the filing, on October 23, 2023, APSEZL created "Udanvat Leasing IFSC Ltd," a wholly-owned subsidiary company.

Additionally, it stated that 25,00,000 equity shares at a value of Rs 10 each comprise the authorised and paid-up share capital of Rs 2,50,00,000 that Udanvat Leasing IFSC Ltd was founded with.

The low-cost airline IndiGo also intends to have a store at IFSC Gift City, while Tata Group-owned Air India had already stated last month that it would open an aircraft leasing operation at the IFSC (International Financial Services Centre) Gift City.

Certain exemptions and incentives are available to aircraft leasing companies that start up from the IFSC in Gujarat International Finance Tec-City (GIFT-City).