Airbus currently procures components and services worth $735 million every year from more than 100 Indian suppliers.
Air India has "enormous" potential and efforts are being done to make the group a significant international player.
In its latest move to lift Air India off the ground, the Tata Group last week signed agreements for two orders for around 470 aircraft with both Boeing and Airbus as it moves towards restoring the glory days of the airline.
As per the deal, Air India will purchase 190 narrow-body 737 MAX jets and 30 widebodies -- 20 of the Boeing 787, and 10 Boeing 777Xs.
Air India will get 250 Airbus planes -- 210 single-aisle A320neos and 40 widebody A350s. It plans to get 220 Boeing aircraft, -- 190 of its 737 MAX narrowbody jets, 20 787 wide-bodies and 10 777Xs.
The meeting in Mumbai is being held to finalise a deal for the supply of aircraft to Air India. However, one official said an announcement is not expected as Air India is also holding negotiations with Airbus.