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Changi Airport to float JV company for airport modernisation

Thursday, 22 Feb 2007
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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)

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