Watson Farley & Williams (“WFW”) advised Standard Chartered on the financing of two A320neo aircraft for TATA SIA Airlines Limited, operating as Vistara, utilising a unique structuring through Gujarat International Finance Tec-City (“GIFT City” or “GIFT”) using an entity which is not a wholly owned subsidiary of the airline. This landmark transaction is one of the first commercial aircraft finance transactions to be structured through GIFT.
GIFT City is India’s first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. It is expected that GIFT will play an enormous role in financing India’s unprecedented growth in aviation.
Standard Chartered is a leading international banking group with operations in consumer, corporate and institutional banking, and treasury services, with the majority of its business taking place in Asia, Africa, and the Middle East.
Vistara is a full-service Indian airline, with its main hub located at Indira Gandhi International Airport, New Delhi. A joint venture between Tata Sons and Singapore Airlines, it commenced operations in 2015. It is rapidly expanding its network and fleet, connecting over 45 destinations in and outside of India.
The WFW Singapore Aviation team that advised the Bank was led by Partner Richard Williams and supported by Associates Lyssetta Teo, Andy Wilson and Anmol Gill and London trainee Zsofi Bori.
Richard commented: “It was a great privilege for us to have the opportunity to advise Standard Chartered as lender counsel, and work with the Vistara team, on this market leading transaction. WFW is passionate about aviation in India and the opportunity we have to provide our expertise in support of its expansion. We extend our appreciation to the other advisors on the transaction for their first-class advice”.
