While the billionaires of the west are discovering their philanthropic sides, the billionaires of the east are making the most of their wealth by splurging on themselves. Case in point: the Indian billionaires who are reportedly on a private jet-buying spree. In fact reports suggest that 157 units are going to be delivered in the next 12 months. It should be noted that the new jets are all brand new and not second hand. Says Kapil Kaul, CEO, South Asia Centre for Asia Pacific Aviation, “India will have one of the youngest fleet of business jets and would emerge as one of the largest buyers of new business aircraft dominated by light jet offering faster connectivity.” This new rise in private jets will take India from the 18th position globally (in terms of private jet numbers) to the fourth position, although it has less number of billionaires than many other nations.
The affluent Indian buyers include the Ambani brothers, the Tatas, the Ruias’ Essar Group, TVS, KP Singh’s DLF, Gautam Thapar, the Jindals and Cyrus Poonawala. These new private jets that will be used for both personal and official purposes will surely redefine the luxury transport of India. Besides private jets, Indian corporate have also splurged on luxury helicopters such as the Essar Group which has bought the Rs 60-crore Sikorsky ($12.8 million), and Pinnacle Aviation who have picked up a Bell 407 for Rs 12 crore ($2.6 million).
[Luxury-Insider]
