ST Engineering announced that its aerospace arm, ST Aerospace, has been awarded a Maintenance-By-the-Hour (MBHTM) contract by Jet Airways of India for the support of Jet Airways’ CFM56-7B engines that power Jet Airways’ and JetLite’s fleet of 67 Boeing 737 aircraft.

The contract is worth US$750 million ($1 billion) and will start immediately.

Under the agreement, ST Aerospace’s wholly-owned subsidiary, ST Aerospace Engines, will provide engines maintenance and engineering support over 10 years for Jet Airways’ 143 CFM56-7B engines, which includes the fleet operated by Jet Airways’ low-cost carrier subsidiary, JetLite.

Work for both airlines will involve off-wing, on-wing and on-site support, as well as fleet technical and asset management support.