On Tuesday (20 June), the carrier signed purchase agreements to acquire the aircraft from Airbus and Boeing after confirming the order earlier this year.
The deal includes 34 A350-1000, six A350-900, 20 Boeing 787 Dreamliners and 10 Boeing 777X wide-body aircraft, as well as 140 Airbus A320neo, 70 Airbus A321neo and 190 Boeing 737MAX narrow-body aircraft.
The move comes as part of the carrier’s plans to ramp up its Gatwick operations after it launched flights from the London hub in February.
The Indian flag carrier will offer routes from the airport to Ahmedabad, Amritsar, Kochi and Goa, switching them from Heathrow and flying each three times a week.
Campbell Wilson, chief executive and managing director of Air India, said: "Our ambitious fleet renewal and expansion programme will see Air India operate the most advanced and fuel-efficient aircraft across our route network within five years.
"We are proud to be working with all our partners in this journey to rebuild a global airline which reflects India taking a more confident posture around the world."