The Hindu Business Line : GMR Infrastructure entering corporate jet business

GMR Infrastructure, the Bangalore-based company would soon be diversifying into corporate jet business and would be investing Rs 800 crore for the same.

The company currently owns two aircraft which it utilises for captive need.

“Around 70-75 per cent of the capacity that we have at the moment is for our own use and the rest 25 per cent was for outside people,” Mr Amarthaluru Subbarao , Chief Financial Officer-corporate integration, told Business Line on sidelines of the announcement of GMR’s quarterly and financial results.

Mr Subbarao said that the company will be buying three Faulkner and two Hawker aircraft along with one Bell helicopter for commencing charter operations by end of current financial year.

The company has also placed an order for one more aircraft which would be delivered only by 2010-2011, he said.

Earlier, in a meeting held on Tuesday, GMR Infrastructure’s board of directors approved the proposal of amalgamation of GMR Aviation Pvt Ltd with the company.

In a notice sent to the Bombay Stock Exchange, the company also said that it will widen the objects clause of memorandum of association of the company by including the aviation and other businesses.

“After the annual general meeting, the decision would come into effect and the corporate jet business would be run under GMR Infrastructure,” said Mr Subbarao.

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