Air India plans to triple its current fleet of 113 aircraft in a few years as it inducts new aircraft and refurbishes older planes as part of a bigger overhaul, Chief Executive Officer Campbell Wilson said on Tuesday.
Air India Chief Executive Officer Campbell Wilson on Tuesday announced that the airline is undergoing a significant overhaul, which includes the induction of new aircraft and refurbishment of older planes. As part of this effort, the airline intends to triple its existing fleet of 113 aircraft within the next few years.
The airline owned by the Tata Group, has announced plans to acquire an unprecedented 470 aircraft to bolster its fleet. To fund the $70 billion order, Air India intends to use internal cash, equity, and sale-and-leaseback arrangements.
Additionally, Air India plans to purchase 220 aircraft from Boeing and 250 from Airbus as part of its efforts to rebuild its fleet. The airline, which was once regarded as a world-class service in India, suffered from financial difficulties, an ageing fleet, and subpar service in the mid-2000s, causing damage to its reputation.
During a press conference, Campbell Wilson also disclosed that Air India is currently negotiating with other airlines belonging to the Star Alliance group of carriers to improve collaboration.
The airline has allocated $400 million towards the renovation and enhancement of its planes, with a particular focus on long-haul routes, as it strives to compete with larger competitors such as Emirates.
Also read: Air India CEO says merger with Vistara under process, flying AI will be a different experience from next year
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