Indian budget airline SpiceJet Ltd. ordered about 40 Boeing (NYSE:BA) 737 passenger jets, worth $4.4 billion at list prices, Reuters reported Tuesday.

SpiceJet has been operating at a loss, but adding the modern 737 MAX jets would modernize its fleet and offer fuel savings compared to its current fleet of 737s purchased from Boeing in 2010.

The airline is looking for new investors and has considered buying an additional 42 jets, depending on its future growth, industry sources told Reuters.

Without revealing specific airlines, Boeing reported Monday that in 2013 it received orders for 164 of the aircraft Spice Jet has ordered. At least part of SpiceJet’s order is included in that list, according to Reuters.

Potential investors are interested in SpiceJet, according to the company, which did not name them.

SpiceJet reportedly leaned toward Boeing’s European competitor, Airbus, for the new jets before settling on the American company.