As per an exclusive report on Reuters, Tata-owned Air India is close to place a landmark order for as many as 500 jetliners worth tens of billions of dollars from both Airbus and Boeing. The report further states that the orders may include 400 narrow-body jets and 100 or more wide-bodies, including dozens of Airbus A350s and Boeing 787s and 777s.
The report comes at a time when Air India plans to carve out an ambitious renaissance under the Tata Group conglomerate, industry sources said on Sunday. If the report is true, this deal will be one of the largest in the world and can put Air India back on the global map.
Air India is undergoing a major overhaul and recently announced to wet lease 12 jetliners, six wide and six narrow body planes. The Indian airline also announced to refurbish not-in-use planes to help cater newer routes.
Recently, Tata group made an important announcement on the Vistara and Air India merger, wherein Singapore Airlines will retain a 25.1 per cent stake in Air India. The deal will take the final shape by March 2024, post statutory approvals.
Currently, Tata group hold a 51 per cent stake in Vistara, whereas the remaining 49 per cent stake is with Singapore Airlines. In a release, SIA said Vistara and Air India would be merged, and it would also be investing Rs 2,058.5 crore in Air India as part of the transaction. Also, Singapore Airlines has confirmed that it will fund the investment through its internal cash resources.
