Two years after Tata Group took control of Air India in a $2.4 billion deal, re-kitting an ageing fleet amid parts shortages and persistent flight delays stand in the way of the former state-owned carrier's intent to become "a world class airline".

Speaking on this issue, the chief executive of Air India, Campbell Wilson confided that this problem is ‘much worse’ for Air India as the airline has reached the halfway mark of its five-year transformation program.

Global shortages are hurting plans for most airlines, but the problem is "more acute" for Air India, CEO Campbell Wilson said, as India's flag carrier is nearing the halfway mark of a five-year turnaround plan but starting a generation behind rivals like Dubai's Emirates and Qatar Airways.

Air India, owned by the Tata Group, said on Tuesday that it would spend $400 million to refurbish the interiors of 67 planes, or more than half its fleet, as part of a multi-million dollar transformation of the former state-run carrier.