The indebted airline’s shares soared 20% on Monday to 12.97 rupees after the Indian government said on Friday it would open up some sectors, including airlines, to foreign investment. Foreign investors will now be able to own up to 49% in India’s airlines.

Kingfisher owes millions of dollars to lenders, lessors, suppliers, staff and taxes to the government, as its aggressive expansion plans clashed with a downturn in the global aviation industry and rising fuel costs, though the airline has been loss-making since it was founded in 2005, when it was called Deccan Air. It has recently scaled back flights and ended its low-cost operations to cut costs.