Afcom, Boeing sign LOI for four 777-8 freighters
The freighters will push Afcom's network further into the Far East and Africa, adding to a route map that already runs through Dubai in the Middle East.
Afcom Holdings has executed a letter of intent with Boeing for the purchase of up to four 777-8F freighter aircraft, according to a disclosure filed with BSE on September 2, 2026. The filing stated that the LOI is subject to the finalisation of the definitive documentation between the two parties.
Speaking exclusively to The STAT Trade Times, Deepak Parasuraman, Chairperson of Afcom Holdings, said the number of aircraft could still change as the deal moves towards a formal agreement. "But the intent is to take four," he said. Parasuraman declined to give a delivery timeline or any commercial terms, citing non-disclosure agreements covering the negotiations with Boeing.
Widebodies to be based in Chennai
The new aircraft will be based in Chennai, the same city as Afcom's existing freighter operation. Parasuraman said the 777s would support the carrier's push into the Far East and Africa, building on a network that currently reaches the Middle East through Dubai. Afcom Cargo already has customers who have expressed interest in the widebody service, he said, and described the demand outlook across the Far East, Southeast Asia, India and Africa corridor as strong enough to support multiple operators. Cargo carried on the 777s is expected to be mixed, spanning pharmaceuticals, perishables, engineering equipment and vehicle parts depending on the destination.
Fleet plan points to five narrowbodies and four widebodies
Parasuraman set out Afcom's broader fleet plan alongside the LOI. The carrier is working towards five Boeing 737 freighters, up from three currently, with two more expected within a couple of months. The four 777s would sit alongside this narrowbody fleet, with Afcom initially looking at older 777s before these are replaced or supplemented by new-build aircraft. He said the 777 was chosen mainly for its size and payload, describing it as the only aircraft of that capacity readily available in the market.
Afcom Cargo is a Chennai-based air cargo carrier that has built its business around a fleet of three Boeing 737-800 freighters, operating a mix of scheduled and ad hoc charter services. Its international network currently covers the Middle East, the Maldives and parts of Southeast Asia, with Dubai as its main overseas gateway.
The carrier operates three weekly 737 freighter flights from Navi Mumbai International Airport to Dubai World Central, a route it moved from Mumbai in August, and in June it operated the first cargo flight out of Noida International Airport, carrying around 20 tonnes of mixed cargo on the Chennai–Noida–Chennai sector. Domestically, its 737s are used mainly for ad hoc charter work, while international operations, carrying a combination of perishables, general cargo, dangerous goods and pharmaceutical shipments, remain the core of the business. The 777-8F LOI marks Afcom's first move into widebody aircraft, extending a fleet that has so far been built entirely around narrowbody freighters.
Widebody move follows a period of rapid growth
The 777 LOI comes as Afcom's existing operation has been expanding on several fronts, backed by a period of strong financial performance. The carrier reported an 86% year-on-year rise in profit after tax to ₹392.4 million for the quarter ended 30 June 2026, with revenue from operations up 48% to ₹1.761 billion, against ₹1.189 billion in the same quarter a year earlier. Profit before tax rose to ₹522.3 million from ₹308.9 million, and earnings per share increased to ₹14.16 from ₹8.48. Total expenses for the quarter stood at ₹1.253 billion, with direct expenses nearly doubling to ₹1.096 billion. Revenue and profit were both lower than in the preceding March quarter, though for the full financial year ended 31 March 2026, Afcom reported revenue of ₹5.831 billion and profit after tax of ₹1.219 billion.
At the ACFI World Conclave 2026 in Delhi, Afcom President Kochat Narendran told The STAT Trade Times that Southeast Asia, including Singapore, was the carrier's next area of focus, subject to regulatory approval, with Vietnam's electronics trade and Bangkok-bound perishables among the opportunities the company was watching.
Watch Kochat Narendran, President at Afcom Holding's discuss the airline’s plans for a new Singapore route, Southeast Asia expansion, Maldives cargo hub growth and plans to increase its freighter fleet from three to five aircraft.