Buffett’s NetJets enters Indian market for charters

New Delhi: The world’s largest private jets operator, NetJets Inc., owned by billionaire Warren Buffett’s Berkshire Hathaway Inc. has joined hands with Mumbai-based Shreyans Motors Pvt. Ltd to sell international air charter services in India.
Earlier this year, Club One Air, until then India’s sole fractional ownership firm, saw new competition emerge from the Tata group, which announced its entry into the emerging business jets market through a stake in Singapore-based BJets Pte Ltd.
Fractional aircraft ownership allows multiple people to “own” a single aircraft and share flying time without having to deal with maintenance and related issues. NetJets and Shreyans will initially start with a revenue-sharing model.
As a franchisee, Shreyans Motors will sell NetJets products and services to Indian customers for long-haul sectors such as Mumbai-London.
In addition to owning a piece of the aircraft, customers can also buy flying time, much like international calling cards. A 25-hour flying time, valid for a year on a light jet, can be bought for about Rs1 crore to start with. That will allow the passenger to be picked up from any small city in India where business jets can land and be dropped at an international destination.
19/03/08 Tarun Shukla/Livemint

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

Categories: Foreign Mar 2008, Indian Aviation- In General Mar 2008, New Mar 2008