Air India has sealed a jumbo deal for about 500 new planes worth more than $100 billion at list prices, in what could become the single largest order by any airline as it seeks to reinvent itself under its new owners, industry sources told Reuters.

The deal, split equally between France's Airbus and rival planemaker Boeing, was first reported by Reuters in December and could finally be announced as early as next week, the sources said.

Air India has agreed to purchase 250 Airbus planes, split between 210 single-aisle A320neos and 40 widebody A350s, and 220 Boeing aircraft including 190 of its 737 MAX narrowbody jets, 20 787 widebodies and 10 777Xs.

While Airbus and Air India signed the agreement on Friday, Boeing agreed its deal with the airline on Jan. 27, a date that marks a year since Tata regained ownership of the former state-run carrier, sources told Reuters.

Airbus declined to comment. Air India did not immediately respond to an email seeking comment outside of regular business hours.

In a note to employees on Jan. 27, the airline said it was "finalising a historic order for new aircraft".

The order reflects Air India's strategy to modernise its ageing fleet and re-capture a solid share of trips between India's large overseas diaspora and cities such as Delhi and Mumbai, dominated mainly by Gulf rivals such as Emirates with its young planes. -Reuters