French aerospace group Safran (SAF) announced on Wednesday that it expects annual revenue from India—the world's fastest-growing aviation market—to triple to over €3 billion ($3.48 billion) by 2030.

Half of this revenue is projected to come from local operations, Safran CEO Olivier Andries said, as the company inaugurated a maintenance, repair, and overhaul (MRO) shop for LEAP engines in Hyderabad. The facility, built with a €200 million investment, is expected to begin operations next year.

Safran co-produces LEAP engines with GE Aerospace through their CFM International venture. The LEAP-1A engine competes with Pratt & Whitney to power the Airbus A320neo, while the LEAP-1B is the sole engine on the Boeing 737 MAX. Safran reported €27.32 billion in revenue in 2024.

At the inauguration, Indian Prime Minister Narendra Modi urged Safran to consider establishing aircraft engine and component design facilities in India, supporting the government’s ambition to make the country an aviation hub.

With Indian airlines placing orders for over 1,500 new aircraft, the demand for maintenance and repair work is set to grow. Currently, 85% of this work is handled abroad, adding cost and time delays, Modi noted.