India's Tata, Briley Group in private jets venture

MUMBAI, Feb 20 (Reuters) - Tata Group's Indian Hotels Co Ltd IHCL.BO has bought into Singapore-based Briley Group's BJETS, which will offer fractional ownership in private jets in India and southeast Asia, the two companies said in a statement.

BJETS will start operating flights in May 2008, the companies said late on Tuesday.

The venture has signed an order for 50 jets worth more than $600 million, and deliveries would be over five years, beginning in the first quarter of 2008.

The fleet would comprise 20 Cessna jets and 20 Hawker jets, with options for 10 more.

"The partnership comes at an opportune time, as the ASEAN-India Free Trade Agreement is expected to be signed in May this year," the statement said.

BJETS will operate out of Seletar airport in Singapore, while in India it will be based out of the the new Hyderabad international airport.

Indian Hotels owns the Taj chain of luxury hotels and resorts in India and overseas. (Reporting by Rina Chandran; Editing by John Mair)