Air India plans to triple its current fleet of 113 aircraft in the next few years, CEO Campbell Wilson said on Tuesday.
Air India, owned by the Tata Group, will increase its fleet by a record 470 aircraft and finance the $70 billion order through internal cash, equity and sale-leasebacks. The airline will buy 220 planes from Boeing and 250 from Airbus.
The airline, once considered to offer world-class service in India, saw its reputation erode in the mid-2000s due to financial problems, an aging fleet and poor service.
Campbell said in a press conference that he is in talks with Air India as well as other airlines that are part of the Star Alliance.
The airline said it is spending $400 million on long-haul flights to repair and modernize planes, especially as it tries to compete with larger rivals such as Emirates.
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