India's SpiceJet plans to raise up to $75 million to buy new aircraft and start new routes.
The airline is considering operating international services, and will be allowed to do so after it completes five years of domestic operations in May, says a spokeswoman.
"We are still evaluating the destinations and the viability of international operations," she adds.
Indian media reports say the carrier wants to start services to Bangladesh, Nepal, Maldives and Sri Lanka.
SpiceJet operates a fleet of 19 Boeing 737 aircraft, and has nine more on order. They are scheduled to be delivered up to January 2012, says the spokeswoman.
It is not known yet how the airline will raise the capital to fund its expansion.
"It is too premature to speak of something that we are still evaluating," says the spokeswoman.