India's Jet Airways, which is 24 per cent owned by Abu Dhabi’s Etihad Airways, has entered into an agreement to buy 75 Boeing 737 Max narrow-body jets, worth $8.8 billion, to meet passenger demand which has shown no sign of abating after years of growth.
Jet Airways, in a filing to the stock exchange late on Tuesday, did not say whether the agreement was a formal order or a non-binding memorandum of understanding.
Boeing did not respond to a request for comment.
The jets would be worth $8.8bn at list prices, although airlines typically receive significant discounts from manufacturers.
Shares of Jet Airways rose as much as 3.2 per cent in Wednesday morning trade, and were trading up 1.4 per cent at 06.10 GMT. The wider Mumbai market was up 0.25 per cent.
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The latest agreement comes as Indian airlines rush to expand fleets to meet ever-increasing demand for domestic as well as international flights, making it one of the most targeted sales markets for Boeing and European rival Airbus.
Boeing said last July it expected Indian airlines to order up to 2,100 aircraft worth $290bn over the next 20 years, calling it the highest-ever forecast for Asia's third-largest economy.
Domestic passenger traffic increased 17.9 per cent in January from a year earlier for the 41st consecutive month of double-digit growth, showed data from the International Air Transport Association.
Jet Airways chief executive Vinay Dube last month told reporters the airline was hoping to close the latest deal by the end of March.
The airline finalised a separate deal to buy 75 other Boeing 737 Max aircraft last year.
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Andor
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