In your interest.
Online Personal Finance Magazine
No beating about the bush.
Last year, transfer payments from the government such as unemployment checks and Social Security burgeoned by $231 billion to $2.10 trillion. Meanwhile, the amount of taxes that individual Americans paid plummeted by $325 billion to $2.10 trillion as a result of middle-class tax cuts and because nearly 6 million people were thrown out of work and are no longer paying payroll taxes.
Air India and GE Aviation will together invest $90 million to set up a maintenance, repair and overhaul (MRO) facility at Mumbai with an investment of around $90 million
National carrier Air India and GE Aviation (GEA) will together invest $90 million to set up a maintenance, repair and overhaul (MRO) facility to cater to GEA's GEnx-1B engines, reports PTI.
"The investment in this facility at Mumbai will be around $90 million," GE Aviation's country director Nalin Jain told reporters at Hyderabad on Thursday.
The US-based jet engines provider will invest $20 million while the balance will be pumped in by the Indian government-run airline. The foreign company's investment will be spread over seven-eight years.
The two companies today inked an agreement here, under which Air India will be licensed to perform MRO work on the GEnx-1B engine, which powers Boeing 787 aircraft.
The national carrier has ordered 27 GEnx-1B powered 787 planes.
"Air India envisages a state-of-the-art facility catering to GE 90 and GEnx engines, including a new engine-testing facility. Our strong collaboration with GE will enhance the visibility of the facility across the globe and result in India becoming one of the major engine MRO players," Air India chairman and managing director Arvind Jadhav said.
As part of the agreement, GE Aviation will provide technical support to Air India.
Currently, GE has an order backlog of 250 engines from India, Mr Jain said. "We expect fresh orders (from India) next year," he added.