Indian airline Jet Airways has entered an agreement to buy 75 Boeing 737 MAX aircraft in a deal that could be worth more than $7 billion. The country's second-largest airline made the announcement to the Mumbai stock exchange late Tuesday. The company did not specify which model of the narrow-body jet it planned to purchase, or whether it had placed a firm order rather than a memorandum of understanding.
The deal could be worth anywhere between $7.2 billion and $9.7 billion, depending on the type of jet acquired and based on list prices. Airlines often negotiate discounts on major orders. India is witnessing a boom in air travel as its growing middle class takes to the skies. Airlines are rapidly expanding their fleets to capture a slice of this market.