Bombardier, EgyptAir strike deal for up to 24 C Series jets

After the decision, Bombardier sold a majority stake in its C Series jet business to European aerospace giant Airbus for no cost.

"Bombardier's 20-year market outlook foresees demand for 450 airplanes in the 60- to 150-seat category for the region and this LOI confirms the need for right-sized aircraft in the Middle East".

The EgyptAir LOI also includes purchasing options for a further 12 CSeries that, if exercised, would increase the total value of the deal to almost $2.2 billion.

State-owned EgyptAir on Tuesday signed an initial order for 12 Bombardier CSeries jets, marking the Canadian plane maker's second deal for its largest planes this month - agreements that end an 18-month drought of no sales of the aircraft. A U.S. trade commission will decide in early 2018 on whether to impose duties of almost 300 percent on the planes as urged by the U.S. Commerce Department. Shares rose 2.3 percent to C$3.13 at 10:02 a.m.in Toronto.

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The top gainer on both indices was Hero MotoCorp, whose share prices rose 2.1% on the Nifty and 1.96% on the Sensex. The Indian rupee opened higher by 9 paise at 65.33 per dollar on Tuesday versus 65.42 on Monday.

Bombardier said, earlier this month, that it received a letter of intent from an unnamed European customer for 31 firm C Series orders.

Airbus has vowed to cut the aircraft's production costs and secure thousands of new orders for the plane, which Bombardier spent more than $6 billion to develop. The C Series was two-and-a-half years late and more than $2bn over budget when it entered service at Deutsche Lufthansa's Swiss International unit in July 2016. Swiss and Air Baltic Corp., which began flying the CS300 in December, have reported better-than-expected fuel efficiency, which is key to the jet's appeal.

EgyptAir is separately expected to unveil a deal for at least six Boeing's 787 Dreamliners, the first passenger jets made from strands of carbon fibre, said people familiar with the discussions.

The LOI was signed by Safwat Musallam, Chairman and CEO of EgyptAir Holding Company, and Fred Cromer, President, Bombardier Commercial Aircraft, in the presence of the Minister of Civil Aviation of Egypt, Sherif Fathi.

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