Budget carrier SpiceJet will purchase 205 Boeing planes in a $22 billion (Rs 1.5 lakh crore approximately) deal, said Chairperson Ajay Singh on Friday. The company, which was on the verge of closure two years ago, will buy 155 Boeing 737-8 Max and 50 other planes, including dreamliners and the B-737s.

Currently, the carrier has a fleet of 47 aircraft. Under Singh, the airline has rebuilt both its business and image. “Our turnaround story has been one which has very few parallels in the world today, and we are proud of it. SpiceJet has reported seven consecutive quarters of profit, highest on-time performance and lowest cancellation and a record load factor of over 90% every month for 20 months in a row,” said Singh, according to The Times of India.

After the company announced its expansion plans, its shares rose by more than 3%. In the past two weeks, its stocks jumped by nearly 16%, according to NDTV.

Boeing has long been trying to match its rival Airbus, which has bagged big orders from IndiGo and GoAir.