Mumbai: Naresh Goyal-promoted Jet Airways (India) Ltd is raising a syndicated loan of $185 million (around 1,240 crore) from a clutch of West Asian banks as it seeks to expand operations, said two persons familiar with the development.

Jet, India’s second largest airline by passengers carried, is in discussions with Dubai-based Mashreqbank PSC for raising this money in collaboration with other leading banks in West Asia such as Abu Dhabi Commercial Bank and First Bank, they said.

The Jet Airways group (which includes units such as Jetlite India Ltd) currently operates a fleet of 116 aircraft. Now, it is in the process of expanding its operations starting with taking back all six wide-body Boeing family aircraft leased out to its investment partner Etihad Airways PJSC in the next six months. The firm plans to deploy these aircraft on some of its core routes including to the Gulf, it had said earlier.

“A five-year deal is likely to signed by next month," one of the persons said.

Spokespersons at both Jet Airways and Mashreqbank declined comment.

Jet Airways, in which Etihad Airways PJSC holds a 24% stake, had reduced its debt by 1,680 crore during the fiscal year ended 31 March. Its consolidated debt stood at 9231.39 crore at the end of fiscal 2016.

Shares of Jet Airways gained 1.07% to close at 587.85 per share on Thursday on the BSE, while the benchmark index, Sensex, gained 0.66% to close at 28208.62 points.