Singapore's Changi Airport
International (CAI) is floating a joint venture company with Tata Realty &
Infrastructure, a subsidiary of the Tata Group, to pursue airport modernisation
projects in India.
The two partners have signed a
memorandum of understanding to set a joint venture company in which Tata Realty
will hold a majority 51 per cent stake and CAI 49 per cent, to invest in,
develop and manage Indian airports.
The scope of the venture will include
bidding for the impending modernisation and operations of the Chennai and
Kolkata airports, which the government wants to develop as alternative hubs to
Mumbai and Delhi. It will also extend to investments in some of the 35 smaller
airports, as well as the proposed Rs.4,235 crore Navi Mumbai airport project.
CAI, which is wholly owned by the
Civil Aviation Authority of Singapore, had earlier teamed up with telecom giant
Bharti for the Mumbai airport modernisation project but later pulled out citing
lack of confidence in meeting tender conditions. (more...)
Also See:
Changi to tie-up
for airport modernisation in India (09-Dec-06)