Billed as an edge-of-the-seat drama, the film was earlier titled 'MayDay'.
Devgn, who also stars in the movie, shared the new title in a series of posters on Twitter.
"MayDay is now Runway 34. A high-octane thriller inspired by true events that is special to me, for reasons more than one! #Runway34 - Landing on Eid, April 29, 2022, as promised," read the caption of the tweet.
"Runway 34" marks Devgn's third directorial, after 'U Me Aur Hum' in 2008 and 'Shivaay' in 2016.
The team commenced shooting last year in December.
In the film, Devgn will appear as a pilot and Singh as his co-pilot, the makers have kept the details of Bachchan's character under wraps. It also stars Angira Dhar.
"Runway 34" will be released on April 29, 2022, under the banner Ajay Devgn FFilms.