Air India is on the verge of making historic purchases for up to 500 aircraft.
Air India is learnt to be in talks for acquiring 500 aircraft worth a few billion dollars from two major manufacturers Boeing and Airbus, according to reports.
Speaking on the condition of anonymity as the final touches are being put on the massive deal in the coming days, they stated that the orders include as many as 400 narrow-body jets and 100 or more wide-bodies, including dozens of Airbus A350s and Boeing 787s and 777s.
The deal is said to be part of Tata Group`s efforts to revive Air India, reports in a section of media said.
Such a transaction might surpass $100 billion at list prices, including any options, and rank among the largest in terms of volume placed by a single airline, surpassing an order placed by American Airlines more than ten years ago for 460 Airbus and Boeing aircraft.
The sale, which would be worth tens of billions of dollars even after large anticipated discounts, would end a tumultuous year for an industry whose planes are once again in demand following the epidemic but which is facing increasing industrial and environmental challenges.
As per reports, the orders are learnt to include both narrow-bodied and wide-bodied jets.
Both Boeing and Airbus declined to comment. A call for comment from Air India, which is controlled by the Tata Group, went unanswered right away.
As part of Air India`s revival, the Tata group has unveiled "Vihaan.AI", a transformation plan.
The new strategy is a thorough, multi-stage recovery programme that aims to transform Air India into a top-tier airline and capture at least 30% of the domestic market within five years.
Vihaan.AI has been developed after extensive feedback from Air India employees and focuses on five key pillars - exceptional customer experience, robust operations, industry-best talent, industry leadership and commercial efficiency and profitability.
Additionally, Air India plans to compete with IndiGo for a larger portion of both the local market and regional foreign travel.
The 500 planes will be delivered over a minimum of ten years and would help Prime Minister Narendra Modi achieve his aim of growing the economy to $5 trillion while replacing and expanding fleets in the aviation industry, which is now growing at the fastest rate in the world.
(with inputs from IANS)