The US-based Boeing Company has announced that it would set up a manufacturing unit in India to convert old 737 passenger planes into air freighters in order to penetrate into local and global demand for the freight service. The aircraft manufacturer stated that it will set up the conversion facility in Hyderabad with the help of GMR Aero Technic, news agency Reuters reported. The deal came a month after Air India ordered 220 planes from Boeing which will help it to expand itself in Indian market amid global economic slowdown.