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Boeing ready for take-off in India after securing US$22bn deal

Friday, January 13, 2017 9:17
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US plane maker Boeing Co (NYSE:BA) has secured a massive contract to sell its new 737 jet into the rapidly growing Indian market – which could be worth up to US$22bn.

The Chicago-based group is going to initially supply another 155 of its latest 737 Max 8 jets to the Indian budget airline SpiceJet, which also has the option to buy 50 more.

The commitment is the largest ever received by Boeing from an Indian airline and comes at a time when both Boeing and its major rival, Airbus, are seeing a slowdown in sales.

It will also help the company to get its own back on Airbus, which already supplies aircraft to several Indian airlines.

“We’re honored to be here in India in a big way, and this is truly a demonstration of that commitment… to our partners and to the country of India,” Boeing vice chairman Ray Conner said Friday.

The new planes will be delivered between 2018 and 2024, the two parties said.

India is seen as an important emerging market for aircraft manufacturers, with its booming economy and rapidly growing middle class meaning more Indians are taking to the skies than ever before.

Air travel in the country grew by more than 20% in 2016 and analysts reckon India will overtake the UK as the world’s third largest aviation market within the next decade.

Shares were up US$0.30 on Friday morning.

Story by ProactiveInvestors


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