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ndonesian airline Lion Air and French aircraft maker ATR on Thursday signed a US$1 billion purchase agreement for 40 additional ATR 72-600s, raising the total order for the newest generation of ATR turboprops to 100 aircraft.

For the 33-year-old ATR, the world'€™s market leader for regional aircraft with 90 seats or fewer, the deal represents the largest purchase agreement in its history.

'€œThese modern and fuel-efficient aircraft will serve the future growth of Lion Group airlines,'€ Lion Group chief executive Rusdi Kirana told reporters during the signing ceremony witnessed by Italy'€™s Prime Minister Matteo Renzi. Also present at the ceremony was ATR chief executive officer Patrick de Castelbajac.

'€œThe ATR-600 aircraft are competitive as they enable us to ensure a high-frequency service. With these new-generation airplanes in our fleet, Lion Group will continue to contribute to the economic development of Indonesia, Malaysia and Asia, including remote regions as well as tourist-driven markets such as Bali, Java, Kalimantan and Sumatra,'€ Rusdi added.

Currently, three of Lion Group'€™s subsidiary airlines operate ATRs: Wings Air with a fleet of 32 ATR aircraft operating in Indonesia; Malindo Air with a fleet of 10 ATRs operating in Malaysia; and Thai Lion Air, so far with one ATR in operation.

'€œThese additional 40 ATR 72-600s will be used to meet the growing demand forecast over the next five years both within the Group'€™s existing operators'€™ networks and to develop other opportunities for ATR operations throughout Asia and developing markets worldwide,'€ Lion Group said in a statement. Deliveries of the aircraft signed for will start in 2017 and continue until 2019.

Asia'€™s fastest growing carrier, Lion Air was established in October 1999 and started operations in 2000, followed by the establishment of sister company Wings Air in 2002. In 2013, operations began for two further sister companies, full-service Batik Air and mid-service Malindo Air, which is a joint venture of Lion Air and Malaysia'€™s National Aerospace and Defence Industries.

'€œLion Air has become our largest customer among airlines, and has been successfully operating ATR 72s for five years [...] we thank Lion Group for their continued strong commitment to our profitable and eco-efficient aircraft,'€ Castelbajac said.

According to Castelbajac, the ATR-600 series features the highest level of operational performance, while offering its passengers high standards of comfort and service. '€œWe look forward to further strengthening our partnership with Lion Group,'€ he said.

ATR is a joint venture of two major European aeronautics players, Alenia Aermacchi (a Finmeccanica Group company) and Airbus Group. Since its establishment, ATR has sold over 1,400 aircraft. ATR planes are represented in the fleets of 180 operators in 90 countries and have totaled over 21 million flight hours.