Plane truth: Many takers for private jets Byas Anand Tuesday, January 24, 2006 02:31:28 am TIMES NEWS NETWORK
NEW DELHI: The mechanical birds are fast turning out to be the preferred toys for corporate India. With a galloping economy, private jets are emerging the latest status symbols for the high-fliers of India Inc. The list of jet owners is no longer limited to the flamboyant lot of Vijay Mallya, Lalit Suri, Mukesh Ambani and Subrata Roy Sahara. Sources say business houses like Venkateshwara Hatcheries, the Munjal-owned Hero Group, the Mittal-owned Airtel and Force Motors are also queuing up to park at the hangars. "More corporate houses are now rushing in to buy business jets and turbo-prop planes for their top brass," says a civil aviation ministry official. "And their numbers are growing by the day. The list, which used to have just a handful of firms till about a year ago, today adds up to about 50 companies," the official said. So, what's driving this demand? Profit margins and a shift in investment to smaller cities, say insiders. "Investments are happening in places that are not connected by scheduled airlines. So, companies now prefer buying their own planes and jets to ferry top brass between corporate offices and manufacturing facilities. I believe the Top 100 companies on BSE will alone drive demand for such jets in the days to come," said Kapil Kaul of Centre for Asia Pacific Aviation.
