Campbell Wilson, the CEO of Air India, revealed during a press conference on Monday that the airline will pay a list price of $70 billion for a record 470 aircraft from Airbus and Boeing.

The CEO of the Tata-owned airline also said that the company intends to use internal cash flow, equity, and the sale and leaseback of aircraft to pay for the transaction.

The airline said earlier this month that it would be expanding its fleet by 470 aircraft. 220 planes from Boeing and 250 from Airbus would be purchased out of the 470 total aircraft. This order is regarded as the largest ever placed for an aeroplane.

The airline revealed last week that it would be hiring over 5000 pilots and cabin crew workers.

It's important to note that Air India Chief Commercial and Transformation Officer Nipun Aggarwal stated in a now-deleted LinkedIn post that the agreement with the aircraft makers included 370 options in addition to a purchase for 470 aircraft. As a result, the airline would be able to purchase 370 more planes for the same cost as its initial 470 plane purchase.

The merger of Air India with Vistara is now in its first stages, according to the CEO of the airline. The combination would then receive the DGCA's blessing, followed by CCI's approval. One low-cost airline and one full-service airline will ultimately exist under the Tata group.