India's private planes and helicopters take off again
If you want to see some of India’s most powerful and influential businessmen, head over to the private helicopter pad at the Mahalaxmi Race Course in Mumbai.
While standing outside in the 30-degree heat, waiting for our own helicopter to arrive, we see the likes of Anil Ambani and Gautam Singhania whisk past, hurriedly ferried on and off their helicopters.
The combined net worth of these two Indian businessmen alone is $15bn, roughly equivalent to the economic output of Ghana.
While we gaze in amazement, the local security guard shrugs his shoulders and explains that this sort of air traffic is not that uncommon.
“Many powerful businessmen arrive here in helicopters several times a day”, he points out in Hindi.
He also says he has noticed a sizeable increase in the number of private aircraft taking to the skies.
Increase in demand
According to the latest industry reports, the frequency of private planes or helicopters taking off has gone up significantly over the past few months.
Many in the industry are now expecting year-on-year growth of up to 20%.
Mr Pradeep Thampi is among those who are optimistic about the future again.
Pradeep Thampi says aviation infrastructure should be improved
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Sporting dark glasses and a serious demeanour, the well-suited, grey-bearded businessman has worked in the industry for 16 years.
His company, Executive Airways, runs a fleet of over 15 aircraft, chartering out private jets and helicopters to companies and individuals.
He has experienced the highs and lows of the industry first-hand and explains just how tough things got last year.
“Most of my aircraft were grounded during the recession as companies stopped spending altogether. It was a really bad time. But suddenly in the last couple of months, there has definitely been a change. Companies are spending again and there’s definitely been an increase in demand for our services.”
Prices reduced
The propellers soon start spinning, and I lean back, comfortably strapped in on board one of Mr Thampi’s private helicopters.
As the aircraft picks up speed, we are soon soaring over the slums of Mumbai and whizzing past the city’s congested traffic ways.
The starting rate for an hourly rental of one of his aircraft is about 80,000 rupees, roughly $2,000.
I peer down toward the slums and realise that many of those who living just below me could not afford a trip like this in their lifetime.
Even though it is not the slum dwellers that businesses like Mr Thampi’s target, many of his competitors were forced to slash their prices last year, in an attempt to boost demand.
According to some reports, prices across the industry were reduced as much as 40%.
Experts agree that this is one of the reasons why demand has picked up, but there are other factors at play as well.
Infrastructure improvement
The Indian government plans to invest £80bn in aviation over next 10 years
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The aviation industry’s growth is typically pegged to a country’s economic growth.
With India’s economy now returning to higher growth levels – the Government is forecasting GDP growth of around 8.5% for the financial year 2010-2011 – it is not surprising that the industry has also received a boost.
Nevertheless there are concerns over whether this growth can be sustained.
“Infrastructure for the general aviation industry has to be improved quite a lot, says Mr. Thampi, raising his voice to be audible over the noise of the helicopter.
“We do not have a proper training centre for the pilots or the engineers. We do not have a good warehouse where we can get spare parts, whenever the machines go on ground. There aren’t even enough airports for us to use either.”
Mr Thampi’s concerns are shared across the industry. There is no training provided for helicopter pilots anywhere in India.
For many private charter operators, it means that they are forced to pay more to hire expatriates or retired Air Force pilots.
Government investment
Training is just one of the areas in the industry that needs attention and investment.
But despite its problems, Mr Rajeev Batra, Executive Director of KMPG, says that India’s general aviation sector has a huge potential for growth.
“To draw comparisons, US has close to 150,000 to 160,000 planes devoted for general and business aviation. As compared to 300-400 planes in India for a one billion population, so that’s the opportunity.”
The investment the industry so desperately needs may be coming sooner than expected.
The Indian government has announced it will invest $80bn over the next ten years in India’s aviation industry.
If the money is well spent on the right sort of infrastructure, it could see a boom in the skies and the industry soaring for some years to come.
Reference Link
http://news.bbc.co.uk/2/hi/business/8582704.stm
Courtesy
BBC News
Her Company Spells Success in More Than 100 Languages
How Liz Elting helped found and grow TransPerfect, the world’s largest privately held language company.
It was an international drug trafficking case, one that involved a lot of money and a lot of violence. Undercover agents who had infiltrated the cartel had worn wires and collected evidence for years. A conviction depended on an accurate translation of their tape recordings. “Five languages were involved,” says Liz Elting, 44, one of the owners of TransPerfect, the translation company chosen for the job. “The slightest mistake could mean the criminals would go free.” For weeks, company linguists worked closely with prosecutors and agents to help win a conviction.
When Elting launched her business 18 years ago with Phil Shawe, both were attending New York University’s Stern School of Business. Neither realized just how many situations would require their services. “We’ve transcribed black box data after plane crashes,” says Elting. “We’ve done mergers and acquisitions. Translating Hooked on Phonics into eight languages was especially challenging because we were doing sounds, not words!”
Elting had once worked for a translation company, and she knew that the industry was essentially lots of tiny outfits delivering patchy quality. She also knew how important it was to get things right—like the instructions for medical devices. Ad companies, too, needed accurate translations that took cultural differences into account. She and Shawe were certain that if they delivered a quick, reliable service, they could build an international business that would stand out.
They set up shop in Shawe’s dorm room. (The two were engaged until 1997. Though the wedding never happened, the company forged ahead.) While Shawe finished his MBA, Elting recruited freelance linguists and made hundreds of cold calls seeking clients. One of their first jobs was to translate an 800-page feasibility study of a Russian gold mine in 30 days.
Once the partners were out of survival mode, they hired people to help grow the company and told them to run their area as if it were their own business. “If they did well,” says Elting, “they owned that success.”
Elting and Shawe paid themselves $9,000 a year each and plowed everything else back into the business. Their ambition and naïveté, however, at times threatened the company’s growth. In 2000, a major retailer promised
$15 million in business—more than double their revenue. They opened an office in Miami, but when the Internet bubble burst, says Shawe, “the client pulled out. Today we get money up front; we share risk. Commonsense things.”
TransPerfect’s 4,000 linguists cover more than 100 languages. Last year, the company had revenues of $225 million; the average annual growth rate is 30 percent. Elting and Shawe still work together as co-CEOs. “Phil is good at developing systems and creative sales ideas,” says Elting. “I focus on operations and making sure our clients are happy.” Shawe’s take is a little different: “Liz is more risk-averse, and I’m more risk-tolerant.”
With more than 1,100 employees, and offices in 57 cities in 18 countries on four continents, they still focus on the details. They keep a meticulous list of client preferences: soda or soft drink, sofa or couch.
Even now, at the top of the world’s largest privately held language company, Elting refuses to be complacent and would prefer a slightly different translation: “We want to be the world’s premier language company.”
Getting Ahead with Liz Elting
What inspired you to start TransPerfect?
When I was eight, my dad bought a KFC franchise in Portugal. Unfortunately, the Portuguese didn’t want anything American after the Communist revolution. They thought my dad was a CIA spy! That taught me how fast things can change. I’ve studied in Spain and worked in Venezuela. This business is the perfect combination of my passions for languages, cultures, and business.
Is the staff multilingual?
Many are. I speak French and Spanish. My partner, Phil, who is American, likes to say he speaks English on
a good day.
What languages are requested most often?
Spanish and Japanese. Chinese, Middle Eastern, Indic (South Asia), and Eastern European languages are on the rise.
How difficult is it to manage such a diverse workforce?
Our challenge is to be culturally appropriate in every country. When we hand out year-end bonuses in the U.S., for example, we have to remember that in India, bonuses are distributed in the fall.
How important was your early training in finance?
The No. 1 reason companies fail is that they run out of money, so you have to be very aware of the numbers. I’ve learned that doing a great job is more about the soft skills—going with your instincts, acting with integrity, appreciating clients and employees, and dealing with them effectively. Do these things well, and the rest will follow.
Any advice for someone starting a business?
Get started before you have kids. In the beginning, I didn’t know how to do this business on the side. I wasn’t married, didn’t have kids, and wasn’t concerned about balancing my work and personal life. Now, with strong managers in place, I can spend more time with my family [husband Michael Burlant and sons Zachary, nine, and Jason, seven], traveling and playing baseball.
Reference Link
http://www.rd.com/your-america-inspiring-people-and-stories/her-company-spells-success-in-more-than-100-languages/article173018.html
Courtesy
The Reader’s Digest Association
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