Indian low-cost airline IndiGo has signed a US$2.6 billion deal with Industrial and Commercial Bank of China Ltd (ICBC) for the lender to finance more than 30 new aircraft. The announcement comes on the day Chinese President Xi Jinping arrived in India, where the two countries are expected to sign trade and investment deals worth billions of dollars.

Through this deal, ICBC will provide IndiGo with financing for the aircraft through either a sale and leaseback, financial lease or commercial lending deal, IndiGo President Aditya Ghosh said in the statement. IndiGo said it will use the deal to add A320 aircraft to its fleet.