Safran's JV With GE To Provide CFM LEAP-1B Engines To India's Akasa Air In $4.5 Bln Deal

(RTTNews) - French Aerospace company Safran (SAF.PA, 0IU8.L, SAFRF.PK) announced Wednesday that India-based Akasa Air has selected LEAP-1B engines from engine manufacturer CFM International to launch operations in India. The agreement that also includes spare engines and long-term services agreement is valued at nearly $4.5 billion at list price.

CFM is a 50/50 joint company between GE and Safran Aircraft Engines.

Akasa Air will buy advanced and environmentally friendly CFM LEAP-1B engines to power its recently announced Boeing 737 MAX airplanes.

Safran noted that CFM will maintain Akasa Air's engines and deliver the highest standards of technical dispatch reliability.

With the purchase and services deal, Akasa Air will have an innovative and comprehensive maintenance program from CFM from day-1 of its operations.

Vinay Dube, CEO, Akasa Air said, "Our partnership with CFM will ensure that we adhere to the world's highest standards of maintenance and deliver the industry's best technical dispatch reliability. The state-of-the-art, high-performance LEAP-1B engine will support our tech-driven culture by enabling real-time engine monitoring and predictive maintenance planning."