19-May-2006 10:51 AM
AI-SATS consortium awarded cargo handling at Bangalore Airport.
The AI-SATS consortium is one of two consortiums awarded a 20-year contract each to provide cargo handling services at the upcoming Bangalore International Airport at Devanahalli by the BIAL. The new airport is expected to start operations in April 2008.
Company Secretary and General Manager Public Affairs of AI, Mr S. Venkat said, “We are pleased to have won the cargo handling contract at the new Bangalore airport. The decision to enter into this handling collaboration with SATS has been taken with thorough consideration and we believe that together, the AI-SATS partnership will help Bangalore airport to be at the forefront of the Indian cargo handling business in terms of experience and service quality.”
President & CEO of SATS, Mr Ng Chin Hwee elaborated, “We are delighted and proud to be associated with AI in this collaboration, and look forward to leveraging on our expertise and extensive track record to contribute to Bangalore’s burgeoning growth in cargo traffic. Cargo at Bangalore is expected to triple in the next 10-15 years from the current annual throughput of 120,000 tonnes. The AI-SATS consortium is made up of two very experienced service providers who will certainly be able to bring the best practices to serve the new Bangalore airport. For SATS, this collaboration also represents a further extension of the SATS footprint in the South Asia market and marks our first cargo handling business in India.”
The cargo handling contract has no immediate material financial impact on SATS in terms of earnings per share or net tangible assets per share.
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