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JetSetGo to become first Indian aircraft leasing company

 
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747-237
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PostPosted: Fri Aug 06, 2021 9:55 am    Post subject: JetSetGo to become first Indian aircraft leasing company Reply with quote

https://www.moneycontrol.com/news/business/jetsetgo-to-become-first-indian-aircraft-leasing-company-bring-in-plane-next-month-founder-kanika-tekriwal-says-7283031.html


JetSetGo to become first Indian aircraft leasing company, bring in plane next month, founder Kanika Tekriwal says

AUGUST 05, 2021

Private charter provider JetSetGo’s aircraft leasing unit will start operating from GIFT City next month, when it brings in a Hawker 850.

With the Hawker 850, JetSetGo is looking to become the first Indian aircraft leasing company, founder Kanika Tekriwal told Moneycontrol in an interview. However, the first plane will be leased to the holding company to test out the feasibility of the leasing model in India. The company plans to bring in six aircraft by the end of 2021-22.

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The_Goat
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PostPosted: Tue Aug 17, 2021 1:07 pm    Post subject: Reply with quote

I was wondering just the other day why no Indian company had thought of this before?

With all the sales and leasebacks going on in India, surely someone should have considered setting up a leasing firm?

Good that they are starting.
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PostPosted: Fri Aug 20, 2021 7:58 am    Post subject: Reply with quote

https://indianexpress.com/article/cities/pune/first-aircraft-registered-in-indian-facility-for-leasing-purposes-lands-in-nagpur-sez-7461977/

First aircraft registered in Indian facility for leasing purposes lands in Nagpur SEZ

August 20, 2021

In a first, the maiden aircraft imported by JetSetFleet Management Services IFSC Pvt Ltd from UK landed in the Special Economic Zone (SEZ) of Multimodal Hub Airport at Nagpur (MIHAN) project area, under the GIFT City project of the central government to facilitate lease-in and lease-out of chartered aircraft.

Earlier, for leasing in and leasing out of such aircraft, Indian companies had to register in foreign countries like Ireland. Under the GIFT City project headquartered in Ahmadabad, Indian aviation companies can now register there and operate their leasing business from India itself.

JetSetFleet Management Services IFSC Private is a leasing arm of Delhi-based JetSetGo Aviation Services Pvt Ltd. IFSC is an acronym for International Financial Services Centre, which is a regulatory authority for offshore financial transactions. Companies regulated by IFSC have to carry IFSC as part of their name.

The company’s founder and CEO Kanika Tekriwal received the six-seater plane, along with Nagpur District Guardian Minister Nitin Raut, District Collector R Vimala and Mayor Dayashankar Tiwari, in the parking area of the Indian Airlines Maintenance, Repair and Overhaul (MRO) facility here.

“With the import of the Hawker 800, we are extremely proud to be the first Indian leasing company to bring an aircraft into the country directly. This is not just a big milestone for us as a business, but also a historic move for India’s aviation industry as a whole,” Tekriwal told mediapersons.

“The plane will be leased to Info Pacific Aviation Pvt Ltd, a subsidiary company of JetSetFleet,” she added.

“The company proposes to buy six more planes for leasing business over the next one year under the Gift City project… the facilitation of purchasing least-purpose aircraft by registering within the country will save precious foreign currency in terms of lease rental, which earlier had to be deposited in the foreign country where the company was registered,” said Tekriwal.

She said the company had a choice to land the aircraft at Hyderabad airport too, which is the only other airport in India besides Nagpur that is connected to the SEZ by a taxiway. “But we got quick clearness from MIHAN and Maharashtra authorities,” she said.

“The aircraft acquired under the GIFT City scheme operates with Non-scheduled Operation Permit (NSOP), meant for use by corporates or business leaders,” Abhishek Kumar, vice-president of JetSetGo Aviation Services Pvt Ltd, told The Indian Express.

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PostPosted: Fri Aug 20, 2021 8:00 am    Post subject: Reply with quote

https://timesofindia.indiatimes.com/city/nagpur/jetsetgo-plans-to-import-10-more-aircraft-using-nagpur-route/articleshow/85467619.cms

Jetsetgo plans to import 10 more aircraft using Nagpur route

Aug 20, 2021

Jetsetgo Fleet Management Private Limited, funded by cricketer Yuvraj Singh and industrialist Puneet Dalmia of Dalmia Bharat Group, on Thursday became the first Indian aircraft leasing company to directly import a plane. The company plans to import 10 more planes in less than a year for leasing out aircraft in the Indian market.

The Mihan-SEZ at Nagpur would be the gateway for bringing in the aircraft, like the one which was brought on Thursday. It was parked in the Air India MRO here.

The company also plans to raise over $60 million of additional funds through private equity (PE) investment.

The first plane — a Hawker XP 800 — was acquired from a company in Dubai and flown down to Nagpur from London. Jetsetgo will be leasing out the plane to its fully-owned subsidiary Indo-Pacific Aviation.

Kanika Tekriwal, CEO of the company, said that there are plans to eventually lease out the other planes to non-related companies also. “Indo-Pacific has an existing fleet of nine aircraft and more will be imported by Jetsetgo,” she said.


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iah87
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PostPosted: Fri Aug 20, 2021 8:49 pm    Post subject: Reply with quote

The_Goat wrote:
I was wondering just the other day why no Indian company had thought of this before?

With all the sales and leasebacks going on in India, surely someone should have considered setting up a leasing firm?

Good that they are starting.


Yes but many Indian airliners, especially startups, may avoid the Indian leasing company as it will be easier for the leasing company to seize aircraft or ground aircraft for unpaid dues.
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The_Goat
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PostPosted: Sun Aug 22, 2021 9:45 pm    Post subject: Reply with quote

iah87 wrote:


Yes but many Indian airliners, especially startups, may avoid the Indian leasing company as it will be easier for the leasing company to seize aircraft or ground aircraft for unpaid dues.


My goodness!

I knew the scene was rife with incompetence but didn't know that India's airlines started off that mindset. No wonder they all bite the dust within a few years.

Only adds more weight to my argument that all of these new aviation startups in India are merely money laundering ventures. They have no vision or business plan. All they seem to think of how to save themselves if their creditors or lessors come calling for their dues.

What a bloody shame!
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