IndiGo secures $328 million loan from Citi to acquire eight Airbus jets

IndiGo has secured a $328 million financing package from Citi to purchase eight Airbus narrow-body aircraft. The deal covers six A321s and two A320s. It is the first aviation loan worldwide that is insured by the Belgian export credit agency Credendo and the first ECA‑backed aircraft financing arranged through the Gujarat International Finance Tec-City (GIFT) IFSC. Citi acted as the sole mandated arranger, the ECA coordinator and the only lender, while Credendo provided credit insurance. The financing was routed through Indigo’s subsidiary, InterGlobe Aviation Financial Services IFSC, and is described as a competitive and diversified source of long-term funding for the airline’s fleet and network expansion. Citi India chief executive K Balasubramanian said the partnership creates a new pathway for Indian aviation to tap international liquidity backed by export credit agencies. Frank Vanwingh, group deputy CEO of Credendo, said the agency aims to be a long-term partner for Belgian aviation players seeking global opportunities. Riyaz Peermohamed, Indigo’s chief aircraft acquisition and financing officer, said the arrangement offers a competitive liquidity source for the growing Airbus fleet. In 2023, Indigo placed an order for 500 Airbus A320‑family jets and announced plans to add Airbus A350 wide-body aircraft. ## Context The deal shows how Indian airlines are using specialised finance hubs like GIFT IFSC to attract global capital, while export credit agencies such as Credendo expand their role beyond traditional markets.