JetSetFleet Management Services IFSC Private, a leasing arm of JetSetGo Aviation, is aiming at importing four more planes through the Gujarat International Finance Tec-City (GIFT City) in 2022-23.
The company imported its Hawker 800 XP aircraft from Dubai and leased it through GIFT City on July 16 and is the second aircraft it has leased from it. JetSetGo’s fleet ranges from the 18-seater Global 6000 to the six-seater Cessna Citation CJ2 with list prices ranging from USD 50 million to USD 3 million.
The aircraft was hauled into the maintenance, repair, and operations centre after landing at Nagpur airport. JetSetGo founder & CEO Kanika Tekriwal told Moneycontrol.
She added that JetSetGo is working on an innovative financing model to lease out the aircraft and intends to use the “pay-as-you-go” structure.
Tekriwal said that in the new arrangement, JetSetGo will be paid according to how much the aircraft is flown. Additionally, JetSetGo is investigating revenue-sharing agreements.
“Leasing aircraft from anywhere abroad, except Ireland, involves paying a withholding tax of 10%. Leasing from Ireland has its own expenses. Thanks to the tax holiday in Gift City, it makes sense for us to lease planes from there. Two of our 10 planes have been leased from there and we plan to get 10-20 more via that route. We also plan to get our clients in the Middle East to lease planes from Gift City.
Out of the 12 aircraft we are looking to add to our fleet, three to four will be based out of the middle east while the remaining will be in India.”Kanika Tekriwal, Founder & CEO, JetSetGo
She added that JetSetGo now manages 28 aircraft in India and West Africa or the Middle East and is looking to increase the number to around 40 aircraft in 2022-23.
At the moment, JetSetGo manages around six aircraft in West Africa and 22 aircraft in India spread out in Delhi, Mumbai, Hyderabad, Chennai, and Bengaluru.
JetSetGo currently manages and operates India’s largest private jet and helicopter fleet. According to the company “We fixed the two biggest problems in the industry, making private jets profit centres instead of cost centres for owners and at the same time reducing aircraft charter costs for charter customers.”
Through the use of technology, the development of maintenance procedures and SMART management (developed and property of JetSetGo) JetSetGo reduces maintenance cost, increases air time, and decreases ground time thereby making sure aircraft are profitable.
JetSetGo at the same time reduces aircraft charter costs enabling customers to fly more than they did before with the same money they spent earlier. Moreover, with the JetSetGo SMART management technique maintenance prevention and prediction technology has been developed providing safety and on-time delivery like never before, a press statement from the company said.
(With Inputs from MoneyControl)