ONGC drops plan to lease two business jets

New Delhi: Oil and Natural Gas Corporation has dropped plans of leasing two business jets.
Sources told Business Line that the delay in finding a suitable aircraft led to the proposal being called off. Industry sources said lack of response received from the international bidders was one of the reasons for the project not materialising.
While four proposals were said to have been received from the prospective lessors, one is reported to have been rejected, as it did not meet the laid down criterion.
In May last year ONGC and Indian Airlines entered into a memorandum of understanding that stipulated that IA would assist the oil giant lease two new business jets. ONGC was keen to lease aircraft that could seat 9-12 passengers.
A nine-member Joint Technical Economic Evaluation group that included members from ONGC, Indian Airlines and Alliance Air was set up to assist in the leasing of the aircraft. IA was to undertake the operation and provide maintenance services for the two new business jets.
07/05/06 Richa Mishra, Ashwini Phadnis/The Hindu Business Line

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