Executive jet makers seeking to recover from a slump in demand caused by the global financial crisis are now targeting the growing list of billionaires in India.
Prominent among exhibitors at the ongoing Aero India 2011 air show in Bangalore were manufacturers such as US-based Gulfstream and Brazil’s Embraer — both hoping to seduce corporate high-flyers with their luxury private planes. The global private jet market had a hard landing in 2008-09, with jet prices plunging by up to 30 percent and actual flying time falling by an estimated 40 percent.
But India’s fast-growing economy minted 17 new billionaires in 2010, driving the total to a record 69, according to Forbes magazine’s list of the world’s wealthiest individuals.
Jose Eduardo Costas, vice president of Asia sales for Embraer, said the Brazilian firm had a host of orders lined up.
Gulfstream said there were 17 of its aircraft in India by the end of last year, up from just five in 2001, adding that 12 of them were large-cabin models including the G550, which has a range of 12,000 kilometres (7,500 miles).
13/02/11 Kathy Jones/Medindia.net
India’s Super-Rich Targeted by Private Jet Makers
Published February 13, 2011 Uncategorized Leave a CommentTags: Private Jets
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