Adani Ports and Special Economic Zone Ltd, on 23 October, announced that it has incorporated Udanvat Leasing IFSC Ltd, a wholly-owned aircraft leasing unit.

The unit will have an authorised and paid-up share capital of Rs 2.5 crore. The leasing unit has been incorporated with the objective to carry out the business activity of owning and leasing aircraft.

The incorporation has been done with an authorised and paid-up share capital of Rs 2.5 crore that has been divided into 25 lakh equity shares of Rs 10 each.

Last month, Air India, a Tata Group-owned airline, announced setting up an aircraft leasing unit at IFSC (International Financial Services Centre) Gift City. IndiGo has also announced its plans to establish a shop at IFSC Gift City.

Aircraft leasing firms that commence operations from IFSC Gift City (Gujarat International Finance Tec-CIty) are entitled to certain benefits and exemptions.