Boeing Co. has received its biggest commercial jet order ever by Indonesia's Lion Air who made an agreement to purchase 230 new 737 models. At $21.7 billion, the order will be the biggest r and the largest transaction till date.

Jakarta-based Lion Air is reportedly one of the biggest customers for the company. The current deal involves 201 of the new 737 MAX models with upgraded engines and 29 extended-range 737-900s.

The deal was finalized when President Barack Obama attended a signing ceremony in Bali, Indonesia.

According to the Los Angeles Times, the announcement was made just days after Boeing received its biggest order in dollar value. On Sunday, Emirates Airline ordered 50 Boeing 777s, with a list price of $18 billion. Boeing has said it expects to start delivering the 737 Max in 2017 and that it will work with Lion Air to finalize an order.

Our customers tell us they want more efficient airplanes, stated Ray Conner, senior vice president of Sales and Customer Support, Boeing Commercial Airplanes. The 737 MAX will deliver fuel savings better than any competing single-aisle airplane on the market.

Lion Air also plans to acquire purchase rights for an additional 150 airplanes valued at more than $14 billion if exercised at list prices.

The 737 MAX will be the future of Lion Air, stated Rusdi Kirana, Lion Air Founder and President Director. The highly efficient, technologically advanced airplane will help Lion Air continue to bring low fares and allow us to open new destinations because of the longer range of the airplane.

Currently, Lion Air operates or has on order a total of 178 Next-Generation 737s.