Veling, a Mauritius-based aircraft leasing company, completed the purchase from and leaseback of four Boeing 777-200ER aircraft to Emirates Airlines. These four B777s join the other two B777s that were purchased and leased backed to the same airline in February 2010.

In a joint statement, Uday Nayak, Chairman and Nirvan Veerasamy, Managing Director of Veling said “We are gratified, by the renewed trust and confidence from Emirates, in our ability to successfully close these transactions. We also worked closely with three African banks and one European Bank in the financing of this deal namely; Nedbank Capital from South Africa, DVB London Office, Bank One and the Mauritius Commercial Bank both from Mauritius. Veling is proud to further develop its business relationships with such prestigious banks and to acknowledge the growing receptiveness and ability of regional banks to participate and close complex aircraft financing transactions.”

Uday and Nirvan further stated that this has been another difficult yet successful year for Veling and its group. “We have, over the past eleven months, been quite active in aircraft remarketing and the company successfully placed eleven widebodied aircraft, despite a very difficult and competitive market. The group also enhanced its asset portfolio by investing in GAM (www.gam.mu), a state of the art private terminal in Mauritius and in expanding this innovative business model further with the planned construction of a second terminal in St Kitts and Nevis in the Caribbean”

Source: Press Release (Veling)