India's Jet Airways to buy 75 Boeing planes worth $8.8b

India's Jet Airways Ltd has entered into an agreement to buy 75 Boeing Co 737 MAX narrow-body jets, worth $8.8 billion, to meet passenger demand which has shown no sign of abating after years of growth.

Jet Airways, in a filing to the stock exchange late on Tuesday, did not say whether the agreement was a formal order or a non-binding memorandum of understanding.

Boeing did not respond to a request for comment. The jets would be worth $8.8 billion at list prices, though airlines typically receive significant discounts from manufacturers.

Shares of Jet Airways rose as much as 3.2 percent in Wednesday morning trade, and were trading up 1.4 percent at 0610 GMT. The wider Mumbai market .BSESN was up 0.25 percent.

The latest agreement comes as Indian airlines rush to expand fleets to meet ever-increasing demand for domestic as well as international flights, making it one of the most targeted sales markets for Boeing and European rival Airbus SE (AIR.PA).

Boeing said in July it expected Indian airlines to order up to 2,100 aircraft worth $290 billion over the next 20 years, calling it the highest-ever forecast for Asia's third-largest economy.