Singapore, March 14:

Singapore’s first private cargo carrier is aiming to grab a share of the lucrative Indian and Chinese markets from established rivals, sources close to the newly formed airline said today.

The Civil Aviation Authority of Singapore (CAAS) confirmed it has received an application from Jett Airlines Cargo for an air operator’s certificate.

“Investors behind Jett, which was registered in March 2005, include former Singapore Airlines (SIA) and CAAS staff,” the sources said.

Upon receiving a green light from authorities, Jett hopes to go head-to-head in a highly competitive market with such global cargo giants as Federal Express, DHL and commercial airlines.

SIA, Korean Airlines and Lufthansa have their own freight aircraft. Many passenger airlines also carry cargo in their planes.