Changi buys 26% stake in West Bengal firm

Changi buys 26% stake in West Bengal firm
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First Published: Thu, Jul 16 2009. 11 52 PM IST
Updated: Thu, Jul 16 2009. 11 52 PM IST
Kolkata: Singapore-based investor and manager of airports Changi Airports International Pte Ltd, or CAI, is looking to forge partnerships with Indian firms to invest in upcoming airports and modernization of old ones.
On Thursday, CAI announced its decision to acquire 26% stake in Bengal Aerotropolis Projects Ltd, or BAPL, for $20 million (Rs97.5 crore). BAPL has proposed to build a township integrated with an airport at Andal in Burdwan district, around 170km north of Kolkata. “We expect attractive returns from our investment in BAPL in the medium to long term,” said CAI chief executive officer Wong Woon Liong.
Around two years ago, CAI had signed an agreement with Tata Realty and Infrastructure Ltd—a subsidiary of Tata Sons Ltd—to bid for modernization of Indian airports.
Asked about the joint venture , which remains a non-starter, he added, “The JV (joint venture) is certainly on, but I am not at liberty to discuss details.”
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First Published: Thu, Jul 16 2009. 11 52 PM IST