India’s Jet Airways Buy another 75 Boeing Planes for $8.8 Billion

Jet Airways India Ltd. bought an additional 75 Boeing Co’s 737 MAX narrow body jet for ~$8.8 billion to continue its rapid ascent in the world’s fastest-growing major aviation company. It already placed two 75-plane orders of the 737 MAX, with its last order placed in April and an order arriving last week. The most recent purchase would bring its total collection of the plane model to 225 aircrafts, according to a Jet Airway statement on Monday.

Jet Airways said in a regulatory filing it entered an agreement for the purchase, but it did not mention whether it was a formal order or a memorandum of understanding.

Jet and its rivals are expanding fleets in demand for domestic flights. Rival SpiceJet Ltd. ordered more than 200 single-aisle aircrafts from Boeing, while the market leader IndiGo of InterGlobe Aviation Ltd. is the primary customer of the A320neo plane from Airbus SE.

Jet didn’t specify which 737 variant it will be purchasing, although its -8 model is its best-selling. Chairman Naresh Goyal said last month it had the option to upscale to larger models. The 737 MAX can fit between 130 to 230 passengers depending on which version. The carrier has ten 787 wide-body jetliners on order as well, but it still in the process of reviewing its network.

Boeing said in July last year it expected Indian airlines to order up to 2,100 airlines worth $290 billion over the next two decades.

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