Singapore's Changi Airport, Tata Group form tie-up for devpt of Indian
Singapore (XFN-ASIA) - Changi Airports International said it
has formed a strategic alliance with India's Tata Group to invest in, develop
and manage airports in India.
"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.