Boeing Plans 737 Freighter Conversion Facility In India: Report

Boeing Co BA reportedly intends to establish a facility in India to convert 737 passenger planes into dedicated freighters. With this new facility, Boeing hopes to meet the demand for the service both locally and internationally.
This investment strengthens Boeing's push into India and follows a record plane order by flag carrier Air India, reported Reuters.
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Air freight rates are 28% below the levels seen at the same time last year, the report cited data provider WorldACD.
Salil Gupte, president of Boeing India, told reporters in New Delhi that growing e-commerce demand and the manufacturing of smartphones and other electronics for both domestic and international use are strengthening the outlook for freighters.
According to the report, Boeing will set up the facility in Hyderabad over the next 18 months with the assistance of partner GMR Aero Technic, an Indian maintenance, repair, and overhaul company.
Price Action: BA shares closed lower by 2.88% at $201.24 on Thursday.
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