BJETS - a company based in Mumbai and Singapore - has become the latest entrant to the private aviation sector.

Despite the ongoing global credit crunch, it remains bullish about its prospects, and wants to be a key player in the world of luxury aviation travel.

A Hawker 850XP is one of four planes that BJETS currently has. But the fleet will soon grow bigger.

Earlier this year, BJETS signed a deal for 50 planes over five years, which at nearly US$1 billion in value, is the biggest ever in Asia.

A Hawker plane costs some US$16 million and that includes the cost of having the interior refurbished by BMW with special features such as individual touch screens to control the lights and audio, as well as things like a lever that will allow a person to swing around and have a conversation with fellow passengers.

But luxury travel comes at a price, and may cost about 30 per cent more than a First Class ticket.

BJETS said demand will come from markets like India and Singapore.

It also noted that the number of millionaires in the region has been rising.

Mark Baier, chief executive officer, BJETS, said: "We are really supplying to people where there was no service to begin with. So our issue here is an under supply; we are really just filling a gap, we are filling a niche. And so we do not think the current fallout will (pose) any issues.

"Plus finance is really one of the areas that we will be catering to. A lot of people have made their wealth and successes over the past 10-20 years in quite a range of services."

On a more practical level, the company, which is based at Seletar Airport, is kicking off its business at a time when the place is slated for runway renovation works and will be shut for 14 hours daily for 18 months from November. But BJETS said this should not affect them adversely, as they can easily fly in and out of Changi Airport as well.

For now, BJETS' focus is on the Indian and Southeast Asian markets, and servicing mainly corporate clients.