Chairman N Chandrasekaran said the airline had its sights set on becoming "a world-class proposition".
He said the orders from Europe's Airbus and US-based Boeing would modernise the airline's fleet and help it to "dramatically" expand its network.
The first aircraft will go into service at the end of this year.
Air India said it was looking to Airbus to supply 250 planes, and Boeing for another 220 jets to help catalyse its revival.
The orders come less than two years after the Indian government sold the airline to Tata Group, India's largest conglomerate, which had founded the company in 1932.
Nationalised in 1953, the airline long preserved a reputation for being a top-tier carrier, with customers that included George Harrison and The Doors.
French President Emmanuel Macron and Indian Prime Minister Narendra Modi appeared with the company in a press conference announcing the Airbus deal.
Separately, US President Joe Biden hailed the "historic" Boeing order as a sign of a "deepening partnership" between the two countries, and one that would support more than a million jobs in the US.
UK Prime Minister Rishi Sunak also said the orders would help create 450 jobs in the UK, since the engines will be supplied by Rolls-Royce.
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