Boeing said close to $10.1 billion order from India carrier SpiceJet

Indian budget airline SpiceJet is poised to order at least 92 Boeing 737 jetliners as the carrier plots rapid expansion in the world’s fastest growing aerospace market.

The transaction, which would more than double SpiceJet’s 49-plane fleet, may be closed within weeks after lengthy talks that pitted Boeing against rival Airbus Group SE, people with direct knowledge of the decision said.

The deal includes firm orders for at least 50 of Boeing’s 737 Max, and renegotiated terms for 42 of the single-aisle jets that SpiceJet originally ordered in 2014, said the people. The 92 Max jets would be valued at about $10.1 billion at current list prices, before the discounts that are customary for large purchases.

The order would be a record for SpiceJet, which was forced to shut down operations for a day two years ago after it ran out of money, prompting co-founder Ajay Singh to bail out the low-cost carrier. The airline may boost the total if final talks yield bigger discounts and favorable maintenance contracts, one of the people said.

Boeing would gain a stronger toehold in India, where Airbus dominates narrow-body fleets after a string of order victories. IndiGo, Go Airlines India and the local unit of AirAsia all fly variants of the Airbus A320.

“We expect to complete these negotiations and place the order this financial year,” the airline said in an emailed statement. A Boeing spokesman declined to comment.

The order would help SpiceJet, India’s second-biggest budget carrier, compete with market leader IndiGo, which has ordered hundreds of Airbus jets to tap surging air-travel demand from a fast-growing middle class.