News: Global players eye pvt jet market in India

(BL 10/02/2007) New Delhi - With more than 7,00,000 Indians accounting for a cumulative wealth of $ 3 billion, it is no surprise that private jets seem to be the in thing for corporate India. The leading players in the global private jet market such as Bombardier, Cessna and Raytheon all say that they are not only getting queries but are seeing an increasing number of corporates converting them into orders. "We sold five aircraft in the last eight years. But during 2005 and 2006, we have already sold 11 Citation jets," said the Regional Sales, Director, Cessna, India, Pakistan, West Asia, Michael McGreevy. Not a mean achievement when the list price for these aircraft ranges from $ 2.5 million to $ 21 million. Similarly, Raytheon, whose aircraft prices range from $ 3 million to $ 21 million, estimates having sold nine aircraft last year alone and the future looks very "encouraging" said Sean McGeough, Vice-President, International Aircraft Company. Bombardier registered five aircraft here last year and is confident of doing a lot more business in the coming years. • Newsmakers of the week: View Slideshow But what is bringing about a change that is seeing corporates not bat an eyelid about spending a few crores of rupees to acquire an aircraft to meet their travel needs when air connectivity within the country and to international destinations has improved dramatically in the recent past? Aircraft manufacturers point out that with the general economy growing at a very fast pace and Indian corporates spreading their businesses not only within India but also globally they have recognised the importance of a private aircraft. Clients Secrecy "These are not toys for the rich but an important business tool. They allow corporates to pack in more in a working day. A private aircraft allows a corporate to fly when they wish, land at strips where there might not be a commercial service and conduct business even as they jet from one part of country to another or from one part of the globe to another," said the Senior Vice-President, Bombardier Business Aircraft, David Dickson. While industry is willing to talk about the benefits of private jets, they prefer to be tight-lipped on their client list or who they are in talks with. "We are like the private bankers of aviation. Just as there is secrecy about which clients hold accounts, we also have confidentiality clause which do not allow us to reveal names," Dickson pointed out.