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Old 03-19-2008, 03:24 AM   #1  
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Default NetJets launches India Operations, eyes China

MUMBAI, March 19 (Reuters) - Private jet firm NetJets is starting operations in India and will look at a partnership in China as it taps fast-growing markets outside its traditional base of the United States and Europe, a senior official said.

NetJets, a unit of billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research), expects strong economic growth and rising incomes in Asia, the Middle East and Latin America will boost demand for private aviation.

NetJets, which sells fractional ownership in private jets to individuals and companies, operates more than 750 aircraft now.

"In India, wealth creation is taking place at a phenomenal pace," said John Colucci, executive vice president, at a news conference with local partner Ashish Chordia, who represents luxury brands such as Porsche (PSHG_p.DE: Quote, Profile, Research) and Fendi in India.

"We think we'll get to our first 100 customers in India very quickly, and that will be just the tip of the iceberg," he said.

There has been a 400 percent increase in the number of NetJets business flights to and from India in the last four years, Colucci said, adding the firm will be targeting high net worth individuals as well as businesses in India.

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Old 03-19-2008, 09:46 PM   #2  
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Looks as though NJI is growing. Having done my fair share of "travel" through the Middle East, this market is ripe to be tapped by NJ.

Nice job Mr. Buffett
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Old 03-20-2008, 04:25 AM   #3  
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I expected China to be Netjets' first venture in Asia, but I guess dealing with the Chinesse is not an easy proposition. When it comes to wealth and infracstucture, China seems to be ahead of India.

If they ask, I'd volunteer, wouldn't mind doing that for a couple of months.
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Old 03-20-2008, 07:15 AM   #4  
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I would think it would make sense to offer up contracts similar to the original LOA to NJI for the India operation- sign on for 2 or 3 years as a part of their operation and have full retreat rights back to NJA along with no loss of seniority while gone. They will definitely need foreign pilots for many years as they probably will start an ab-initio program like NJE to get a local pipeline running and that will take some time. I hope whichever union representing us in the near future can negotiate something like that. As long as they offer up good pay, housing, and help for acclimation I'd probably be willing to do two or three years over there to experience new things and save up faster for retirement.
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