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Tata ties up with Changi Airport

Tata ties up with Changi Airport
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First Published: Wed, Feb 21 2007. 04 45 PM IST
Updated: Wed, Feb 21 2007. 04 45 PM IST
AFP
SINGAPORE: Singapore’s Changi Airports International said on 20 February it has formed a strategic alliance with India’s Tata Group to invest in, develop and manage airports in India.
The companies will establish a joint venture firm that will bid for the Chennai and Kolkata airports which are being privatised by the Indian government, Changi Airports said in a statement.“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 million 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 million, the Changi statement said.
Under the memorandum of understanding, Tata Group will have a 51% stake in the joint venture, while Changi Airports will hold 49%.Changi Airports chief executive Chow Kok Fong said the Indian aviation market “is likely to see sustained economic development approaching double digits, a proof that the momentum for growth is truly awesome.”
Changi Airports is wholly owned by the Civil Aviation Authority of Singapore, which operates Singapore’s Changi Airport.Last month, Changi Airports announced it has acquired a 29 % stake in Nanjing Lukou International Airport, the largest airport in China’s Jiangsu province, for 138 million US dollars.Elsewhere in China, the company is also providing consultancy services to the airports in Chengdu and Qingdao.
Changi Airports is currently operating the existing airport in Abu Dhabi and is expected to take over the running of the New Terminal 1 of the Sheremetyevo Airport in Moscow from 1 April this year.
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First Published: Wed, Feb 21 2007. 04 45 PM IST
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