Indian airline Air India said today it has agreed to buy 470 planes from Airbus and Boeing, accelerating the revival of India’s former national carrier under its new owners, the Tata Group.

Based on the still provisional agreements, the company will buy 220 planes from Boeing and another 250 from Airbus.

The president of the USA Joe Biden characterized “historic” the agreement, as it is the largest aircraft order in the history of civil aviation. The 470 aircraft are priced at $70 billion, but those prices are rarely maintained since manufacturers usually agree to discounts, especially for such large contracts.

Air India has signed a letter of intent from Airbus for 140 A320s, 70 A321s and 40 A350s, which will be used on “very long-haul routes,” Tata chairman N. Chandrasekaran said. From Boeing, 190 737MAX, 20 787 Dreamliners and 10 777X mini-jumbos will be purchased. According to a US government source, the contract also includes an option to purchase another 70 aircraft in the future.

In the first phase, together with the 25 jets that Air India will lease from Airbus to meet its immediate needs, the total number reaches 495 jets, an executive of the European company said.

Air India’s new chairman and chief executive, Campbell Wilson, is trying to revive it as an international carrier and shake off the image of a company with an aging fleet, poor service and flight delays.

Indian Prime Minister Narendra Modi and French President Emmanuel Macron stressed the political and economic importance of a deal involving India’s former national carrier. “This important agreement shows, apart from deepening India-France relations, the achievements and aspirations of the civil aviation sector in India,” Modi said.

“This achievement shows that Airbus and all its French partners are fully committed to developing new sectors with India,” Macron hailed, pledging that France would work with New Delhi in other areas as well.

To date, the largest order of aircraft ever made was that of American Airlines, which bought 460 Airbuses and Boeings about a decade ago.