Air India, owned by Indian conglomerate Tata Group, reportedly finalized half of an order for some 495 aircraft with Boeing and engine suppliers General Electric and CFM International on Friday, as its new owner seeks to revive the airline's business, according to industry sources.

After months of negotiations, the order from Boeing is for 190 narrow-body 737 MAX aircraft, 20 wide-body 787 aircraft and 10 long-haul 777X aircraft, two sources told Reuters.

The second half of the order, which according to industry sources comprises 235 single-aisle aircraft and around 40 Airbus A350 wide-body jets, is expected to be formally concluded in the next few days.

Senior Boeing executives, including Stanley Deal, CEO of Boeing Commercial Airplanes, as well as executives from General Electric and CFM are expected in India to sign the agreement on Friday.

The announcement of the contracts, the date of which is not known, could take place at the Aero India air show, a type of event during which contracts are announced.

Boeing, Airbus and CGM partners General Electic and Safran declined to comment.

Air India did not respond to a request for comment, although in a note to employees on Friday on the first anniversary of the Tata takeover, the airline said it was "finalizing a landmark order for new aircraft to contribute to its future growth".

Reuteurs reported last month that Air India was close to finalizing a deal for at least 500 aircraft. (Contributed by Tim Hepher; Lina Golovnya, edited by Kate Entringer)