Start-up expects to have 15 Cessna Citations and Hawkers in service by year-end
Singapore-based start-up BJETS is set to launch Asia Pacific's first dedicated fractional ownership programme in the second quarter of the year with the first of 40 business jets on order.
Its order comprises 20 Cessna Citation CJ2+ light jets and and 20 mid-size Hawker 850XPs and 900XPs. The first aircraft are due for delivery within a month and 15 are expected to be in service by the end of 2008.
All will be registered in India and based primarily in Mumbai, India and Singapore. Apart from fractional ownership, the company will offer block charter and aircraft management services.
"BJETS will have the biggest fleet of private jets in Asia in its first year of operations," says chief executive Mark Baier.
"There are no dedicated business jet fleets in Asia, and we provide guaranteed availability. It is something the region direly needs and we believe our model can be very successful."
BJETS' major shareholder is privately held US investment firm Briley Group, whose chief executive, Bala Ramamoorthy, set up BJETS in 2006. Its other backer is Indian Hotels Company, operator of the Taj hotel brand in India and part of the Tata Group.
India's growing economic wealth has led many in the industry to believe it offers the biggest potential for growth of business aviation in the region. But it also faces many challenges, including its woeful infrastructure and an acute shortage of maintenance facilities for business aviation.
One experienced charter broker based in South-East Asia welcomes BJETS' entry but says it faces numerous challenges.
"Asia is still pretty restrictive when it comes to landing permits, overflights and even basic things like ground handling," he says.
"But maybe this is just what the region needs - someone who has the financial backing taking a punt and putting aircraft around the region. It is a risky move to own your aircraft and put it out there, but it could also pay off very handsomely if it proves to be successful."
Source: Flight International
