IN A MOVE aimed at refurbishing the Air India fleet and turning around the ailing carrier, the Tata Group will buy 470 aircraft from Airbus and Boeing.
The deal is the largest in commercial aviation history with the Boeing order estimated at $34 billion and the Airbus transaction at around $35 billion. The agreement signed with Boeing includes options for additional purchases of 50 737 Max jets and 20 787s valued at additional $12 billion.
The Air India hangars will soon have 250 Airbus aircraft, including 210 narrow-body A320 aircraft and 40 wide-body A350 planes. It will also house 220 Boeing jets comprising 190 737 Max aircraft, 20 787s and 10 777Xs.
This new order is Air India's first in more than 17 years and the first under the Tata banner since the takeover a little over a year ago. The previous single-largest order was placed by American Airlines in 2011 for 460 aircraft.
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