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STORY: It was once synonymous with lavishly decorated planes and stylish service.

But Air India lost its lustre, as financial troubles mounted.

Now the storied carrier hopes a turnaround beckons.

Reuters sources say Air India is close to placing a landmark order for up to 500 new jetliners.

The deal could top $100 billion at list prices, though such orders usually attract a big discount.

It’s thought the deal will include as many as 400 narrow-body jets, as well as dozens of Airbus’s wide-body A350.

That would help the European planemaker secure a home for some jets that were due to go to Russian carrier Aeroflot, until sanctions intervened.

Boeing won’t be left out.

The order is also expected to involve significant numbers of its 787 and 777 models.

Air India was founded in 1932 and nationalized in 1953.

The founding Tata company regained control in January this year.

It’s now aiming to revive the airline as a world-class brand.

Tata wants to re-capture a big share of the travel market for India’s diaspora, currently dominated by foreign airlines like Emirates.

The new planes would be delivered over the coming decade, helping Air India meet demand in the world’s fastest growing air travel market.