XOJet gets $2.5 bn, to battle Buffett's NetJets

BANGALORE: XOJet Inc, a private aviation company backed by buyout firm TPG Inc, said it has arranged $2.5 billion of financing to expand its fleet and better compete with rivals such as NetJets Inc, owned by Warren Buffett's Berkshire Hathaway Inc.
The company on Monday said the funds will come largely from investors in the Middle East, a region it expects will be a big driver of future growth. XOJet's funding package comes just two years since the company started, and at a time when tight credit markets worldwide make it difficult for even many established companies to raise money.
San Carlos, California-based XOJet said it is teaming up with Tasameem, an Abu Dhabi Investment Authority real estate arm, to expand internationally.
19/05/08 Reuters/Economic Times

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Categories: Foreign May 2008, Indian Aviation- In General May 2008