Nagpur: Jetsetgo Fleet Management Private Limited, funded by Cricketer Yuvraj Singh and Industrialist Puneet Dalmia from Dalmia Bharat Group, on Thursday became the first Indian aircraft leasing company to directly import aircraft.
The company plans to import 10 more aircraft in less than a year because it rents aircraft on the Indian market.
Mihan-sez in Nagpur will be the gateway to carry a plane, as brought on Thursday.
It was parked in Indian MRO here.
The company also plans to collect more than $ 60 million additional funds through private equity investment (PE).
The first aircraft – A Hawker XP 800 – obtained from a company in Dubai and flown Nagpur from London.
Jetsetgo will rent an aircraft to a fully owned subsidiary of Indo-Pacific Aviation.
Emacite Tekriwal, CEO of the company, said that there were plans to finally rent other aircraft to other unrelated companies.
“The Indo-Pacific has a nine aircraft fleet and more will be imported by Jetsetgo,” he said.
Tekriwal, who is one of the founders of Jetsetgo, said he had formed a company with initial funds only RS5,400.
The remaining amounts are set through PE funding.
He said Six-Seater Hawker XP acquired by Jetsetgo worth $ 3.2 million.
There are plans to bring a larger plane on the next batch.
“We will observe the business for the next 90 to 100 days after which more aircraft are imported.
The company has identified the aircraft and blocks the agreement,” said Tekriwal.
In an effort to encourage Indian companies to take aircraft leasing, the entity is registered in the IFSC gift city in Gandhinagar, Gujarat, has been released from taxes.
Previously, planes were imported through subsidiaries abroad as they were in Ireland to get tax benefits.
Now, the same benefit is available through IFSC.
“However, the Ministry of Trade rules, said the aircraft needed to land in Sez.
Only two SEZs were linked to the airport – Mihan in Nagpur and GMR in Hyderabad,” said Dipesh Shah, Head, International Development and Relations of the City of the IFSC prize.
There are four other companies in the IFSC prize city that have received permission to rent airplanes.
“If other companies import aircraft, the Nagpur route can also be used,” said Shah.Shah said that the commercial airlines are expected to rent 1,000 aircraft in 10 years, also lead to business opportunities for Indian companies.
The office of the construction commissioner in Mihan offers quick assistance and approval is given in two days.
Indian air MRO was given approval to provide warehousing services and parking to the plane function to receive the first aircraft, said, “Chairman of the Minister of UDDHAV Thackrey, who heads the Maharashtra Airport development company, the agency develops Mihan, also provides fast approval for proposals.”