Singapore's Changi Airport, Tata Group form tie-up for devpt of Indian
"Privatisation programmes for both airports are expected to be formally announced some time later this year," the statement said, adding that the joint venture will also look for investments in other Indian airports.
Chennai Airport handled 6.77 mln passengers last year and is the third busiest airport in India. The Kolkata Airport is the country's fifth busiest, with annual passenger traffic of 4.4 mln, the statement said.
Under the memorandum of understanding, Tata Group will have a 51 pct stake in the joint venture, while Changi Airports will hold 49 pct. Changi Airports is wholly owned by the Civil Aviation Authority of Singapore, which operates Singapore's Changi Airport.