Wednesday, May 21, 2008
SAO PAULO (Dow Jones)--Brazilian aircraft manufacturer Empresa Brasileira de Aeronautica (ERJ), said Wednesday that it signed a contract for the sale of seven Embraer 170 aircraft to Dubai's ETA Star Group for $220.5 million.
In addition, ETA Star Group signed a contract with options for three more Embraer 170 aircraft, and five purchase rights for any E-Jet model.
If all options and purchase rights are confirmed for the 170 model jets, the deal could total $472.5 million, Embraer said.
The aircraft will be operated by the newly-created Star Aviation Pvt Ltd., of India. Based in the city of Chennai, south India, Star Aviation will use the Embraer aircraft to operate regional routes on the Indian subcontinent, serving medium and low density markets.
Embraer said that the deliveries of the aircraft will begin in 2009.
-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-6847-4521; rogerio.jelmayer@dowjones
(END) Dow Jones Newswires
21-05-08 1117GMT
