If you have personal financial holdings of over Rs4.56 crore or $1 million — a high net worth individual (HNWI) — then Brazil’s leading commercial jet exporter, Embraer, is interested in you as a potential customer to buy its light executive jets, Phenom-100s and Phenom-300s.
Of course, there are no names given, nor have the company officials even revealed whether any of India’s HNWIs have approached them for enquiries at the five-day Aero India 2011 on its opening day on Wednesday. But the timing of this company to push sales of these two light executive jets to India’s ultra rich could not have been better.
Several states in India are looking at developing smaller airports that could cater to people hopping between destinations just 200 km apart. Karnataka government has plans to develop airports every 150km apart. Land acquisition has already begun in Bijapur, Bellary, Shimoga and Belgaum among others to develop such airports.
Moreover, according to a global wealth report released by Merril Lynch Wealth Management and Capgemini, Indian high net worth individual population has grown 50.9% year-on-year to 1,26,700 in 2009 (globally, it’s just 17.1%), and it has not declined.
This means there are more individuals with the purchasing power to pick up executive jets in the luxury category (collectively or individually) in India than ever before.
Embraer is eyeing this segment to make the most now.
Jose Eduardo Costas, Embraer vice-president (marketing & sales), Asia-Pacific-executive jets, says “The light jets’ innovative features and track record will make them a compelling proposition for prospects in this region.”
Phenom-100 — costing $4.29 million (`19.57 crore) — can accommodate up to eight occupants and has seven different interior options, while Phenom-300 ($8.895 million or `40.57 crore) can accommodate 11. Both the planes have interiors designed in partnership with BMW Group Designworks, USA.
Phenom-100 has the capability of flying non-stop for fairly long distances as it has a range of 2,182 km without refuelling.
Phenom-300 is considered the fastest executive jet in its category, reaching up to 839 km/hour flying speed, has a range of 3,650 km, and has an altitude ceiling of 45,000 feet, claims Costas.
For all you know, Embraer may have just set a trend for several other such companies wanting to sell light luxury jets to follow in their footsteps - all the way to India.
