News: Boeing signs $1 bln Indian cargo plane deal

(RTR 18/07/2007) Farnborough - Flyington Freighters of India said on Wednesday it had signed a purchase agreement for four Boeing Co. 777F cargo planes in a deal worth almost $1 billion at list prices.

Flyington, a start-up firm in India's still nascent air cargo market, announced the deal at the Farnborough International Airshow under way this week near London.

The 777 is a twin-engined, long-range model which in its cargo version sells for about $240 million at list prices.

Indian Civil Aviation Minister Praful Patel told airline executives at the annual general meeting of industry lobby IATA (International Air Transport Association) in Paris last month that the country's air cargo sector was set to expand.

"Cargo is one sector we have completely overlooked in India," Patel said, citing a meagre fleet of just five cargo aircraft. "You could see about 150 cargo planes at least coming into India in the coming years."

Both Boeing and Airbus have taken aim at the Indian market and both have new cargo models either under consideration or in development.