India is considering extending the "tax holiday" enjoyed by aircraft lessors at the country's Gujarat International Finance Tec-City, or GIFT City, from 10 to 15 years in a move that could benefit heavyweight carriers Air India (AI, Delhi International) and IndiGo Airlines (6E, Delhi International), as well as potentially attract a bigger slice of the leasing market. The possibility emerges among other proposed shake-ups to India's aviation regulations, including changes to wet-leasing rules, relaxed age restrictions on leased aircraft, and flexible financing models. GIFT City, which in October structured a refinancing loan on behalf of Air India for six B777-300ERs, is the country's primary hub for international financial services and home to the flag carrier's in-house aircraft finance and leasing arm.