Aircraft leasing firm, Avolon has completed the delivery of five new Boeing 737-8 MAX aircraft to Akasa Air, India's newest airline.

Delivery of the aircraft commenced in December and was completed in January.

The sale and leaseback transaction is Avolon’s first deal with Akasa.

Paul Geaney, President and Chief Commercial Officer at Avolon said the company is excited to support new entrants to the market.

"We congratulate Akasa on their successful launch and look forward to building on our strong relationship with them," he said.

Bhavin Joshi, Co-Founder and Senior Vice President - Leasing & Procurement at Akasa Air said, "Since our launch last August we have rapidly added capacity, new routes and welcomed one million passengers to our unique offering.

"We are delighted to join hands with Avolon and will continue to invest in new technology aircraft that can offer superior reliability and carbon efficiency."