NEW DELHI: Indian Prime Minister Narendra Modi held a telephonic conversation with US President Joe Biden on Tuesday and welcomed the landmark deal between Air India and Boeing as a “shining example of mutually beneficial co-operation”, as per media reports.

The deals for a record purchase of 470 jets from Airbus and Boeing were unveiled by Air India on Tuesday, accelerating the national emblem's rebirth under its new owners Tata Group as the United States and Europe appreciated the deepening political and economic ties with India.

The provisional deals include 250 planes from Airbus and 220 from Boeing, breaking previous records of any such deal by a single airline as Air India competes with domestic giant IndiGo to provide service to a nation that will soon become the largest population in the world.

The agreement was called “historic” by Biden. Tata Chairman N Chandrasekaran said that the Airbus order includes 40 A350 widebody aircraft and 210 A320neo narrowbody planes which Air India will use to fly "ultra-long routes", said Tata Chairman N Chandrasekaran.

Boeing will provide 190 737 MAX, 10 mini-jumbo 777X and 20 of its 787 Dreamliners.

An Airbus executive said that along with another 25 Airbus jets which will be leased to meet immediate needs, the airline's overall acquisition will reach 495 jets.

The deal's political and economic importance, which involved the former flag bearer of India, was highlighted by Modi and French President Emmanuel Macron.

The order placed by Air India's order tops the combined deal of American Airlines which included 460 Airbus and Boeing planes, almost a decade ago.

British Prime Minister Rishi Sunak said that new jobs will be created by the deal between Air India, Airbus and Rolls-Royce.