France's Safran expects annual India revenue to triple to more than $3.4 billion by 2030

NEW DELHI, Nov 26 (Reuters) - French aerospace group Safran SAF.PA said on Wednesday it expects annual revenue from India, the world's fastest growing aviation market, to triple to more than 3 billion euros ($3.48 billion) by 2030.

Half of that revenue will be generated by facilities within the country, Safran CEO Olivier Andries said in a statement, as the company inaugurated a maintenance, repair, overhaul (MRO) shop for LEAP engines in the southern Indian city of Hyderabad.

The company invested 200 million euros in the facility, which is expected to be operational next year.

Safran, which co-produces LEAP engines with GE Aerospace GE.N through their CFM International venture, reported 27.32 billion euros in revenue in 2024.

The LEAP-1A competes with Pratt & Whitney to power the Airbus A320neo, while the LEAP-1B is the sole engine on the Boeing 737 MAX.

Addressing the inauguration, India's Prime Minister Narendra Modi said he had met with the Safran board. He asked the company to explore setting up aircraft engine and component design facilities in the country, amid a broader push by his government to make India an aviation hub.

Indian airlines have placed orders for more than 1,500 new aircraft, which will boost the need for maintenance and repair work. However, 85% of that need is met by facilities outside the country presently, increasing expenses and turnaround time, Modi said.

($1 = 0.8632 euros)