In order to quickly increase its presence in international markets, Air India said on Monday that it intends to finance its $70 billion order for a record 470 aircraft with internal cash, equity, and sale-and-leaseback transactions.

Air India, which is owned by the Tata Group, announced on February 14 that it will purchase 220 planes from Boeing and 250 from Airbus in a deal that broke all prior records for a single carrier’s order.

The opportunity for Indian aviation was therefore recognized, and an investment in the aircraft’s capability was made in order to take advantage of it for India’s benefit, said Campbell Wilson, chief executive officer of Air India, on Monday.

We see a lot of potential in long-haul international travel, he added, noting that the addition of 70 new widebody aircraft to Air India’s existing fleet and additional leased aircraft will result in a considerable increase in both fleet size and capacity.

Due to financial difficulties, an aging fleet, and subpar service, Air India, formerly regarded as a world-class airline in India, had its reputation degrade in the middle of the 2000s.

The resurgence of the airline under the Tata conglomerate, which took over the once government-owned carrier last year, wants to take advantage of India’s sizable diaspora around the world and rising base of travelers.

Wilson added that Air India will boost the frequency of flights to European destinations, including to locations like Frankfurt, Paris, and the United Kingdom, noting that there is untapped potential in direct flights to North America.

In order to compete with more powerful rivals like Emirates, the airline is investing $400 million in repairing and modernizing its aircraft, particularly for long-haul flights.

According to Wilson, Air India hires 500 new cabin staff members each month. The airline said last week that it will hire 900 pilots and more than 4,200 members of the cabin staff.