HYDERABAD: Embraer, the Brazilian major, has signed a memorandum of understanding with Air Works to create a spare parts repository for all its executive jets in India.
This MoU paves the way for parts of Embraer’s jets to be housed in Bangalore, which will serve as the central hub for supplies.
Mr Jose Eduardo Costas, Vice-President, Embraer Asia, said, “The business of business jets is set to grow over the next decade in the Asia-Pacific region where India will emerge as one of the biggest markets.”
Describing 2012 as a pivotal year for the business jet market, Mr Costas said the demand from corporates is seen fuelling this growth.
Of the 1,300-1,700 jets projected to be sold over next 10 years, Asia-Pacific region is expected to account for 390-485 jets. India now has about 140 jets and the number is set to swell, he explained.
Embraer, the Brazilian aircraft manufacturer, recently showcased its large-size Legacy 650 executive jet at the India Aviation 2012.
The company announced that Legacy 650 has received certification from the Directorate-General of Civil Aviation, which will pave way for its customers to register and operate in India. According to Mr Rohit Kapur, President of Business Aircraft Operator’s Association, the average growth witnessed by the sector has been 12.5 per cent CAGR over the past decade.
This had slowed down to 7 per cent in 2011 due to infrastructure and policy issues.