New Horizon Aircraft Ltd has announced today that it has entered into a Letter of Intent (LOI”) with JetSetGo, a regional air operator servicing multiple mission profiles. This LOI allows JetSetGo to purchase 50 Cavorite X7 Aircraft at a purchase price up to USD5 million per aircraft for a total aggregate consideration of USD 250 million, with an option to purchase an additional 50 aircraft for a total possible consideration of USD500 million.
According to Kanika Tekriwal, JetSetGo’s CEO and co-founder: “Our decision to enter into this Agreement with Horizon Aircraft was not taken lightly. We ultimately decided to partner with a company with a deep operational and aerospace technology background that will deliver a product that will help usher in a new era of sustainable air travel while also providing significant value for our customers. This partnership will help JetSetGo profitably enter new markets by leveraging the versatility of the Cavorite platform to bring about the vision of Advanced Air Mobility in India.”
JetSetGo, founded in 2014, is headquartered in New Delhi.
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