The funds will be used to largely repay existing Indian rupee debt, which is at a high cost, Jet officials said on the sidelines of its annual general meeting of shareholders.
Currently funds raised via ECBs cannot be used to repay Indian rupee debt. Jet's current debt stands at around 145 billion rupees.
Jet has been looking to raise $400 million via a share sale to foreign institutions and has sought regulatory approval for an equity dilution of up to 20 per cent, Chairman Naresh Goyal said.
The group, which has a fleet of 112 aircraft, is also planning to raise domestic capacity as the aviation industry recovers from a nearly two-year slowdown.
A recovery in the global markets and a booming domestic market have pushed up business and leisure travel in the country, helping airlines and hospitality firms.
Domestic air traffic rose nearly 21 per cent in Jan-July this year, government data showed.
"We are looking at a 5-15 per cent market growth and with that we are going to bring in additional capacity," said Chief Executive Nikos Kardassis.
Currently funds raised via ECBs cannot be used to repay Indian rupee debt. Jet's current debt stands at around 145 billion rupees.
Jet has been looking to raise $400 million via a share sale to foreign institutions and has sought regulatory approval for an equity dilution of up to 20 per cent, Chairman Naresh Goyal said.
The group, which has a fleet of 112 aircraft, is also planning to raise domestic capacity as the aviation industry recovers from a nearly two-year slowdown.
A recovery in the global markets and a booming domestic market have pushed up business and leisure travel in the country, helping airlines and hospitality firms.
Domestic air traffic rose nearly 21 per cent in Jan-July this year, government data showed.
"We are looking at a 5-15 per cent market growth and with that we are going to bring in additional capacity," said Chief Executive Nikos Kardassis.
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