India’s Jet Buys $8.8 Billion More Boeing Planes to Match Rivals
Jet and its rivals are expanding fleets as demand for domestic flights surges.
(Bloomberg) -- Jet Airways India Ltd. purchased another 75 of Boeing Co.’s 737 Max aircraft for about $8.8 billion as it looks to continue rapid expansion in the world’s fastest-growing major aviation market.
The latest purchase brings the airline’s backlog for the narrowbody plane to 225, Jet said in a statement Monday. It already placed two 75-plane orders, the most recent in April, with the first 737 Max delivery arriving last week.
Mumbai-based Jet and rivals are expanding fleets as demand for domestic flights surges. Rival SpiceJet Ltd. has ordered more than 200 single-aisle aircraft from Boeing, while market leader IndiGo, operated by InterGlobe Aviation Ltd., is the biggest customer for Airbus SE’s competing A320neo plane.
Jet, which didn’t detail which 737 variant it opted for, has historically gone with the best-selling -8 model, though its Chairman Naresh Goyal said last month it has the flexibility to upscale to bigger versions. The carrier also has ten 787 wide-body jetliners on order though the airline may not take the aircraft as it reviews its network.
To contact the reporters on this story: Benjamin Katz in London at bkatz38@bloomberg.net;Anurag Kotoky in New Delhi at akotoky@bloomberg.net
To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Andrew Noël, John Bowker
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