PARIS, France: European aircraft manufacturer Airbus has won a landmark order from India’s IndiGo airline for the purchase of 500 passenger jets. The deal, announced this week, sets a new record for the largest purchase agreement in commercial aviation history and reflects the soaring demand for air travel driven by India’s economic growth.

IndiGo, the leading carrier in India, has committed to acquiring the narrow-body A320 aircraft, marking a significant milestone for both companies. The agreement was unveiled on the first day of the Paris Air Show, the world’s premier event for the aviation and space industry. While the exact value of the order was not disclosed, it is expected to amount to tens of billions of dollars.

During a press conference, IndiGo CEO Peter Elbers described the order as an “enormous milestone” and emphasized the potential of Indian aviation and the ambitious plans of the airline.

Airbus Chief Commercial Officer Christian Scherer highlighted how the purchase signifies the democratization of affordable air travel for millions of people in the rapidly expanding Indian aviation market.

IndiGo’s substantial order surpasses a previous massive deal signed by Air India, which involved the purchase of 470 aircraft from both Airbus and U.S.-based rival Boeing.

Indian airlines are vying to meet the growing demand for travel from the country’s burgeoning middle-class population. The A320 jets, which IndiGo is acquiring, are typically deployed on short-haul routes.

Airbus CEO Guillaume Faury hailed IndiGo’s order as a testament to the remarkable growth of aviation and an opportunity for more Indian tourists to experience air travel. In addition to the IndiGo deal, Airbus also secured orders from budget Saudi Arabian carrier Flynas for 30 A320neo jets and Air Mauritius for three wide-body A350 aircraft, which will be used for long-haul routes to Europe and South Asia.

The Paris Air Show serves as a platform for Airbus to announce significant jet orders, and the company’s performance at the event holds considerable importance for its public image in France, as Airbus is one of the country’s and Europe’s largest companies.