Singapore: A unit of the owner of Singapore’s main airport, Changi Airports International Pte Ltd, plans to buy stakes in as many as 15 airfields, about half in China, CEO Chow Kok Fong said.
The company aims to manage $700 million (Rs2,765 crore) of airport assets in the next three years, Chow said in an interview in Singapore on Wednesday. Overseas revenue may climb to as much as 20% of sales in five years from less than 5% now.
Chow, 55, wants to tap growth in the West Asia, China and India, where governments are upgrading airports as rising incomes encourage more people to fly.
India plans: Chow Kok Fong, CEO, Changi Airports International.
Changi Airports, which in 2005 pulled out of a race for a stake in India’s New Delhi airport, has teamed up with the Tata group to bid for other projects.
“We are looking, together with Tata, at some of the equivalent of secondary airports in India,” Chow said. “One of the airports that have been announced for privatization is Amritsar. That’s one airport we’re looking at.”
Global passenger air traffic may jump 29% by 2011, threatening to overwhelm airports, according to an October forecast by the International Air Transport Association.
Airports are benefiting from deregulation and a surge in travel as budget airlines lure more tourists.
In China, the company is seeking stakes outside of the so-called “mega airports” of Beijing, Shanghai, Guangzhou and Shenzhen.