Air India Ltd. is considering ordering up to 300 narrow-body jets, according to people familiar with the matter, which could be one of the largest orders in the history of commercial aviation as the former state-owned airline seeks to change its fleet under the new ownership.

The airline could order Airbus SE’s A320neo family of jets or Boeing’s 737 Max models, or both, the people said. They asked not to be named because the discussions were confidential. A list price of 300 737 Max-10 jets could be worth $40.5 billion, but bulk purchases are often discounted.

Winning an order for narrow-body planes in India would be a coup for Boeing as rival Airbus dominates skies in the country, the world’s fastest-growing aviation market before the Covid-19 pandemic. IndiGo, operated by InterGlobe Aviation Ltd., is the world’s largest customer for the European manufacturer’s best-selling narrow-body aircraft, with more than 700 on order. In contrast, others such as Vistara, Go Airlines India Ltd. and AirAsia India Ltd. use the same model.

The production and delivery of 300 aircraft could take years or even more than a decade. Airbus built about 50 narrow-body jets in a month and plans to increase that to 65 by mid-2023 and 75 by 2025.