Air India has a fleet of 106 airplanes, comprising a mix of Boeing, Airbus, ATR and Bombardier aircraft. It owns 61 of those aircraft and the others are on lease.
The loss-making airline had ordered 27 fuel-efficient 787s from Boeing, and has so far received eight of these aircraft.
Air India intends to replace 14 aging A320 aircraft and another five Airbus A319 aircraft which it currently operates.
Airline companies in India have been facing difficulties in finding lessors, as aircraft lessors have been increasing rental rates for their airplanes. An industry source also says lessors are reluctant to lease aircraft after the now defunct Kingfisher Airlines defaulted on its fleet of leased aircraft.