New Delhi/Paris, June 19 (IANS) Low-cost carrier SpiceJet on Monday said it has signed an MoU with Boeing for 40 737 MAX airplanes.

"The agreement, valued at approximately $4.74 billion at current list prices, is split evenly between 20 new orders for the 737 MAX 10 and conversions of 20 of the low-cost carrier's 737 MAX eight airplanes of its current order to 737 MAX 10s," the airline said in a statement.

SpiceJet, which operates a fleet of 35 Boeing 737s and 19 Bombardier Q400s, said it plans to grow its operational fleet to 100 airplanes by 2020 and looks to expand regionally with the new 737 MAX family of airplanes.

According to the airline, it will take delivery of its first 737 MAX in 2018.

"As a Boeing 737 operator and current customer of the 737 MAX, we are proud to be a part of the launch of the 737 MAX 10 and to be the first airline in India to order the newest version of the 737, which will enable us to maximise revenue on our dense routes while having a lower unit seat cost," said the carrier's Chairman and Managing Director Ajay Singh.

The airline added that the 737 MAX 10 will be the most profitable single-aisle airplane, offering the lowest seat costs.

"The entire 737 MAX family has been designed to offer customers exceptional performance, flexibility and efficiency, with lower per-seat costs and an extended range that will open up new destinations in the single-aisle market," the statement added.