India’s private-sector carrier Kingfisher Airlines on Friday approved raising up to 20 billion rupees ($432.7 million) through a rights issue of shares in an effort to trim its huge debt. The company, backed financially by chairman and liquor baron Vijay Mallya, has not given any time-frame or details of the proposed issue. The airline, which had reported a net loss of 2.6 billion rupees in the April-June quarter, has been trying to raise funds through a global depository receipts (GDR) issue of $250-$350 million.

India will have about 150 airports and about 2,000 airplanes by 2030, according to Airports Authority of India Chairman V.P. Agrawal. “The domestic aviation sector is poised to grow very rapidly in the coming years and we need well-equipped airports to cater to the growing demand,” Agrawal says.

India is considering a proposal to permit civil air operations at a naval airport in the southern state of Karnataka. The Karnataka state government has approached the Ministry of Defense to give permission for civil operations at the naval airport at Karwar, Defense Minister A. K. Antony says.