The Ministry of Civil Aviation has announced that Air India and Interglobe Aviation, the operator of Indigo, have received approval from the Directorate General of Civil Aviation (DGCA) for aircraft importation.
According to a press release, Air India has been granted in-principle approval for importing 470 aircraft, while Interglobe Aviation has been approved for importing 500 aircraft.
The cost of acquiring these aircraft is a commercial transaction between the respective airlines and the Original Equipment Manufacturers (OEMs), and the ministry does not have information regarding the exact cost, said the statement.
The ministry's statement stated that the availability of parking slots for the aircraft is ensured at the time of granting the No Objection Certificate (NOC) for the actual import.
As per the airlines' induction plan, the proposed timeline for importing the aircraft is between 2023 and 2035.
Indigo has set its sights on importing 500 A320 Neo aircraft. At present, Air India manages around 220 aircraft across all four airlines, while IndiGo operates approximately 315 aircraft.
In a significant move, IndiGo, India's largest carrier in terms of market share and fleet, revealed a massive deal during the Paris Air Show in June.
The deal entails the acquisition of 500 aircraft from the Airbus 320neo family.
This order not only surpasses Air India's previous order for 470 aircraft, but it also complements it, as both leading Indian carriers aim to establish a strong global presence.