NEW DELHI: Budget carrier Air Deccan on Friday said it had signed a $150 million contract with Germany's Lufthansa Technik to repair, maintain and overhaul its fleet of 14 Airbus A-320 aircraft.

Air Deccan, run by Deccan Aviation Ltd, in a statement said the agreement 'also encompasses setting up of a home base of spares to support,' it in Bangalore.

Lufthansa Technik is the aircraft maintenance, repair and overhaul division of German air carrier Deutsche Lufthansa.