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Saturday, Feb 10, 2007

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Jupiter Aviation inks pact with EADS

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For MRO facility, flying school, training service

MR RAJEEV Chandrasekhar, Chairman and CEO, Jupiter Capital, addressing a press conference in Bangalore on Friday. — G.R.N. Somashekar

Bharat Matrimony

Bangalore Feb. 9 Jupiter Aviation, a Rajeev Chandrasekhar-promoted company, has decided to venture into a slew of aviation projects, including an MRO facility, flying school and a charter airline service.

Mr Rajeev Chandrasekhar, Chairman and Chief Executive Officer of Jupiter Capital which owns Jupiter Aviation, told newspersons that an MoU has been signed with EADS, the European Aerospace and Defence group, for setting up an MRO (maintenance, repair and overhaul) facility, a flying school and an airline resource training venture. Investment in these ventures is expected to touch $250 million.

He also said the company has signed a letter of intent for acquiring two EC 155 Eurcopter jets which will be used for fractional ownership and charter service venture. The planned investment into this venture is expected to be between Rs 250 crore and Rs 300 crore. The company plans to buy up to five aircraft and two helicopters. It plans to tie up with a few airlines for deploying charter flights to those cities where the airline does not fly. Some of the aircraft will be used for its fractional ownership venture. Those who do not want to buy an entire aircraft can part own it by paying a certain amount.

Mr Chandrasekhar said the fractional ownership will be limited to five entities. These entities will be allowed to deploy the aircraft for certain number of hours or they can also sell these hours to other entities. "It is a brand new category and the market needs to be explored."

He said all the ventures will be rolled out during the current year itself. As far as the MRO venture is concerned, Jupiter is looking at Hyderabad and Bangalore for setting up the venture. The MoU envisages Jupiter and EADS working with other key strategic international partners to develop these ventures.

Initially, the facility will be able to cater to the Airbus and ATR aircraft apart form being able to carry out `C' checks for the aircraft. There will be two hangars with four bases to carry out these activities, he said.

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