SpiceJet Ltd, an Indian low-fare carrier that counts Goldman Sachs Group Inc as an investor, plans to sell US$100 million worth of new shares in the next two years to pay for planes it is buying from Boeing Co.

The airline will also use part of the money for working capital, B. S. Kansagra, a director, who owns 15 percent of the airline, said in an interview in Mumbai on Feb. 5.

New Delhi-based SpiceJet has raised US$175 million selling shares and convertible bonds in the past two years.

Investors include Goldman, BNP Paribas and India's Tata Group, Bloomberg reported.

SpiceJet Ltd, Deccan Aviation Ltd and India's other low cost carriers need more funds for aircraft purchases to tap into the 25 percent annual increase in passenger traffic in the world's second-most populous nation.

"I am very debt-averse, it's expensive," said Kansagra, who started SpiceJet in May 2005.

SpiceJet has ordered 20 Boeing 737 planes. A Boeing 737-800 plane, which seats as many as 189 passengers, costs as much as US$75 million.

SpiceJet shares fell 1.7 percent to 55.8 rupees (US$1.26) on the Mumbai Stock Exchange on Feb. 5. The stock plunged 33 percent in 2006 after four straight years of gains.