Tatas float business jet firm with Singapore co

New Delhi: After low-cost carrier SpiceJet, the Tata group is making its second investment in aviation with group company Indian Hotels Company Ltd investing 36 to 37 per cent, according to sources, in a newly-floated company, BJETS, in partnership with Singapore-based Briley Group.
Slated to start operations in May 2008, Mumbai-based BJETS will specialise in fractional ownership deals for business jets - meaning each of its jets will be part-owned by individuals who are also entitled to fixed flying time -- and aircraft management.
Briley, with interests in aviation, hospitality and BPO around the globe, will be the majority owner in the company.
As part of its ambitious drive to be Asia's largest business jet operator, the newly-floated company has also signed the single biggest order in Asia for a fleet of 50 new jets worth over $600 million (Rs 2,400 crore).
Aircraft deliveries will take place over five years beginning in the first quarter of 2008 comprising 20 Cessna Citation CJ2+ jets and 20 Hawker 850XP and 900XP jets with options for 10 more.
20/02/08 Business Standard

To Read the News in full at Source, Click the Headline

Categories: Foreign Feb 2008, New Feb 2008, Singapore Airshow 2008