According to the CEO of Tata Group-owned Air India on Saturday, the airline is in discussions with Boeing and Airbus about placing an order for new aircraft while also repairing grounded aircraft and leasing aircraft to meet its immediate needs.

The autos-to-steel conglomerate, which completed the acquisition of Air India in January, faces a difficult battle to modernize an aging fleet, improve service levels, and restore the company’s financial health, according to industry analysts.

“We are in deep discussion with Boeing, Airbus and engine manufacturers for a historic order of the latest generation aircraft that will power Air India’s medium- and long-term growth,” Campbell Wilson, the airline’s chief executive, said at a Tata corporate event in Mumbai.

In order to increase its market share to 30% on both domestic and international routes over the following five years, according to Wilson, Air India intends to grow its fleet and international network.

Industry estimates indicate that Air India currently holds a 10% domestic market share and a 12% international market share.

In an effort to increase market share and raise service standards, Air India announced in September that it would lease 30 Boeing and Airbus aircraft, more than doubling the size of its fleet.

In July, industry insiders claimed that Air India was getting closer to choosing between Airbus and Boeing for an order worth $50 billion at list prices.

The order was expected to include up to 300 narrowbodies and up to 70 wide-body aircraft, including Airbus A350s and Boeing 787s and 777s, according to the sources at the time.

(Adapted from USNews.com)