The downgrade of India by the aviation leasing watchdog is not of major concern, said IndiGo CEO Pieter Elbers to ET Now after the Aviation Working Group (AWG) for the second time cut India’s compliance rating with international leasing laws and kept the country on a watchlist with a negative outlook amid a dispute between local airline Go First and its aircraft lessors.
The move by AWG, a UK-based entity that monitors leasing and financing laws, came as bankrupt budget carrier Go First is locked in a legal tussle with aircraft lessors seeking to repossess jets.
The IndiGo CEO called India as one of the most competitive aviation markets in the world and said there is also a lot of competition in the market.
Elbers was speaking at the conference of the All India Management Association (AIMA) in the national capital.
IndiGo is the country’s largest carrier with a domestic market share of more than 63 per cent and is also expanding its international operations.
The airline connects 32 international and 81 domestic destinations.
Elbers said India is an incredible and one of the most competitive aviation markets in the world.
IndiGo is going through a “maturing phase”, he said and stressed on the need for having aviation hubs in India, which is under-served.