By Aditi Shah, Abhijith Ganapavaram and Tim Hepher

NEW DELHI/PARIS (Reuters) - Air India is exploring a fresh multi-billion dollar order for dozens of widebody jets from Boeing ( BA ) and Airbus, industry sources said, furthering the former state carrier's transformation under new owner Tata Group.

The deliberations involve 30 to 40 aircraft split between the Airbus A350 and Boeing 777X models, with one source suggesting the potential deal could exceed 50 jets. Details have not been finalised, the sources added.

"Things should become clearer closer to the Paris Air Show (in June)," one of the sources said, asking not to be named.

Air India did not respond to an email seeking comment. Boeing ( BA ) and Airbus declined to comment.

The planned expansion comes on top of a mammoth deal in 2023 for 470 planes from both suppliers and another 100 Airbus jets last year -- but most were for single-aisle aircraft. The latest widebody deal could boost Air India's ambitious modernisation plans to re-capture market share lost to global rivals.

The airline has 50 Airbus A350s, 10 Boeing 777Xs and 20 787 Dreamliners on order between the two deals.

The potential new order comes as international passenger traffic from India is surging, expected to grow 15-20% in the current fiscal year ending March 31, outpacing domestic travel growth of 7-10%, according to ICRA, Moody's local ratings agency.

It also comes as airlines are rushing to get in line for limited production slots of widebody jets after a run on supplies of smaller workhorse narrowbody jets from fast-growing airlines like India's largest carrier IndiGo.

Air India's turnaround efforts under Tata are being closely watched by investors, manufacturers and lessors after decades of decay under state ownership, but are being hindered by aircraft delivery delays.

The airline, which was once considered a world-class service, saw its image tarnished since the mid-2000s due to financial troubles, an ageing fleet and poor service.

Air India CEO Campbell Wilson said earlier this week that global aircraft shortages will persist for at least four years as supplies of engines and first and business class seats as well as some fuselage elements remain under pressure.

The resulting delays have forced the airline to keep using some older aircraft and extended Tata's five-year transformation plan for Air India.

While navigating these delivery delays, Air India is also working to recapture market share from international competitors like Emirates, Lufthansa, and Turkish Airlines, which have historically attracted Indian travellers with newer fleets and premium cabin products.

Indian carriers account for 43-44% of outbound passenger traffic from India, according to ICRA, with international airlines still in the lead.

The airline and its low-cost subsidiary Air India Express are expected to take delivery of roughly 20 narrow and widebody aircraft this year, according to UK consultancy Cirium Ascend.