Air India Express (“AIX”), a wholly owned subsidiary of Air India, has signed definitive engine sale and leaseback agreements with Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) for 26 CFM56-7B engines installed on 13 of its Boeing 737-800 aircraft. The engines will be covered under WLFC’s ConstantThrust® program providing enhanced reliability and significant cost savings compared to traditional MRO shop visits. This program is in addition to the ConstantThrust® program signed by WLFC and Air India in 2022, covering 34 CFM56-5B engines installed on Air India’s Airbus A320 family fleet. Both programs will be managed in part by WLFC’s team located in GIFT City, India.

WLFC’s ConstantThrust® program helps airlines manage the risk and cost of engine overhauls by providing serviceable engines from its portfolio in place of engines that need to be removed for maintenance. This streamlined process reduces engine downtime, eliminates maintenance unpredictability, and lowers engine change costs, enabling airlines to focus on their core operations without disruption.

“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,” said Aloke Singh, Chief Executive Officer of Air India. “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.”

“We believe Air India Express’ decision to select ConstantThrust® evidences that Air India is realizing value from our ConstantThrust® program and also validates our team’s performance on that program, ” said Brian R. Hole, President of Willis Lease Finance Corporation. “This is a great opportunity for us to continue supporting the growth of the Indian aviation industry, in general, and the Air India family of airlines, specifically.”

“We greatly value our long-standing relationship with Air India and are excited to continue providing innovative, programmatic solutions that deliver enhanced flexibility and cost efficiency for Air India Express and our global customers,” said Austin C. Willis, Chief Executive Officer of WLFC.