The company estimates that every extra pound in weight costs it one-and-a-half rupees (1.7p) per flying hour.
Chief executive Giorgo De Roni blamed the Indian rupee, which has dropped 27 percent against the US dollar in the last year, for the need to cut costs.
'The rupee's fall has hurt the industry badly,' he told the newspaper.
'All major expenses — aircraft leasing, spare parts and fuel costs — are linked to the dollar.
'We are looking at every possible way of cost-cutting to remain profitable.'
De Roni said the new planes would have 'sharklets' - wingtip devices - to help reduce fuel burn by 5 percent.
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