Boardroom in the clouds

The country’s high net worth individuals (HNI) are acquiring their own private jets at record speed.
So how can the aircraft makers be far behind. US-based Cessna and Hawker Beechcraft are running neck and neck in their fight to dominate the Indian market. Other players, especially Gulfstream, Embraer and Bombardier, are fast catching up in their segments too.
All the major players have already announced or are preparing to launch major distribution and after-sales maintenance facilities in the country to expand and catch a major chunk of the Indian private aircraft market. Recently, Hawker Beechcraft opened its exclusive maintenance and distribution office through its exclusive franchise partnership with Gurgaon based Interglobe Aviation at the Indira Gandhi International Airport in Delhi. But India still has a long way to go in terms of developing the market.
The country’s more than 1,00,000 HNIs with assets worth more than $1 million are snapping up these mean flying machines at mind-boggling prices for their business and personal use without a thought for banalities like the environment.
So after the Bentleys and the Rolls Royces, India’s super rich are now looking at Gulfstreams and Aerion jets. From sleek VLJs (very light jets) that come with a price tag of around $5 million to Gulfstreams with a price tag of $50 million, travelling in style never got better. At least six HNIs from India have already placed orders for the supersonic Aerion jet priced at a whopping $80 million. The aircraft is expected to come into production in 2012, but already six Indians among 80 globally have put up around $5,00,000 to book their Aerion.
22/06/08 Shauvik Ghosh/Financial Express

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