Now, low-cost private jets for $1.5 million

Well-heeled corporate executives, top bankers and Bollywood biggies can now afford to have their own private planes, thanks to the very light jets (VLJs) that are on offer for only $1.5 million (Rs 6 crore).

The price tag of VLJs is one-third of the current price of corporate jets, which are a luxury even for large corporate houses or high-flying businessmen.

The low cost of operations of these 4-6 seater planes, that can make a Delhi-Mumbai trip for only Rs 36,000 (including fuel), is an added attraction.

A Delhi-Mumbai business class ticket on commercial flights cost more than Rs 14,000.

According to industry experts, international companies such as US-based Epic Aircraft (in which Vijay Mallya picked up a 50 per cent equity recently), Eclipse Aviation, Embraer, Cessna and HondaJet, Adam Aircraft and Diamond Jet, that manufacture or are in the process of manufacturing VLJs, are all looking at the Indian market.

Says Kapil Kaul, CEO, Indian subcontinent, Centre for Asia Pacific Aviation (CAPA), which has undertaken a survey of the market size for VLJs in India: "It will revolutionise air travel in India by making private jets and charters affordable to a larger number of people and companies."

The CAPA estimates a market for at least 1,000 such small jets over the next two years. A US-based spokesperson of Epic said, "Our goal is now to get the jets certified by the US Federation of Aviation Administration after which we will market them globally."

Air Deccan boss G R Gopinath admits that they could revolutionise the private charter services in the country.

"At the price range and operating costs, they have a tremendous potential and surely we will look into them when it comes. They are actually a taxi service in the air".

Avers Spice Jet Director Ajay Singh: "Given the increasing amount of disposable income that people have now, these light business jets would definitely find a market in India. The only question is whether we have adequate infrastructure for the operation of these aircraft. It is doubtful whether with all the congestion at the Indian airports a four-seater aircraft which would entail the same amount of time and effort for landing and parking as a 180-seater passenger aircraft would be given enough space."

Companies such as Eclipse which has already received FAA clearance offers VLJs with maximum speeds of 685 kilometres an hour can reach a maximum height of 41,000 feet on its twin engine an offers jet speeds at turboprop fuel burns. It already has an order book of 500 aircraft.

Cessna Aircraft company, Wichita, Kansas is another major in this segment. Its six-seater Citation Mustang was the first ever production VLJ to be delivered to a management group. Cessna's single-engine aircraft are used in many of the flying training institutes in India and worldwide. The company has around 300 orders for its Mustang. The VLJ costs around $1.5 million.

Brazilian manufacturer Embraer is into the small business jet segment. Its Phenom 100 has a seating capacity of 4 passengers but its can go up to six. The price of the aircraft comes to slightly below $3 million.

Adam Aircraft based in Denver Colorado, is another player in the segment. Though its Adam A700 has not even got full certification from the Federal aviation Administration (FAA), USA, the company already has an order backlog of 282 aircraft.