Air India confirmed its purchase for 470 Airbus and Boeing planes worth $70 billion at list price on June 20.

AI announced the agreement in February, signing a letter of intent (LoI) for 400 single and 70 dual aisle airframe types, which would begin joining its fleet in a few months.

This also gives AI options and purchase rights for another 370 planes, potentially making it an 840-plane transaction.

On the same day, the Tata Group airline inked purchase agreements for 470 aircraft — 190 Boeing 737MAX, 140 Airbus A320neo and 70 Airbus A321neo (400 narrow body) and 34 A350-1000, 20 Boeing 787 Dreamliners, and 10 Boeing 777X — at the ongoing Paris Air Show.

"This landmark step further positions Air India for long-term growth and success that, we have every hope, will come together to represent the best of modern aviation to the world," said Tata Sons and AI chairman N Chandrasekaran.

"Our ambitious fleet renewal and expansion programme will see Air India operate the most advanced and fuel-efficient aircraft across our route network within five years," stated AI CEO and MD Campbell Wilson. We are honoured to be working with all of our partners to develop a global airline that symbolises India's more confident stance around the world."