Aircraft
Indian Lessor Forms JV for Locally-built Aircraft
Aircraft leasing company Vman Aviation Services has formed a joint venture with Hindustan Aeronautics for leasing locally-built aircraft.
Hindustan Aeronautics Light Utility Helicopter (LUH) in flight
Vman Aviation Services signed an agreement with Hindustan Aeronautics on February 14 at AeroIndia to lease five 3-tonne Light Utility Helicopters (LUH) with five options. (Photo: Hindustan Aeronautics)

Mumbai, India-based aircraft leasing company Vman Aviation Services became the first private Indian lessor to sign a memorandum of understanding with Hindustan Aeronautics (HAL) to form a joint venture for leasing aircraft. Vman will hold a majority share (51 percent) of the company, which has yet to be named.

“The deal will take around six months to close,” Vman CEO Vishok Mansingh told AIN. Mansingh said an agreement was signed with HAL at AeroIndia on February 14 to lease five light utility helicopters (LUH) with options for five more. The civil version of the LUH is expected to be rolled out in 2025.