The Hindu Business Line : Airport modernisation: Tata, Changi finalise tie-up

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New Delhi Feb. 21 The Tata Group has entered into a strategic alliance with Changi Airports International (CAI) to take up airport projects here, including the proposed modernisation of Chennai and Kolkata airports. In a statement, CAI has said that the two sides have signed a memorandum of understanding to invest in, develop and manage Indian airports.

A new company, Tata-Changi, is to be formed in which the Tatas are to hold a 51 per cent stake while CAI will hold 49 per cent stake. CAI is the owner and operator of Changi airport in Singapore.

The scope of the joint venture will also extend to investments in other airports, including regional airports as well as airports that have already been privatised, the statement adds. The new company has, however, not set aside any funds for taking up modernisation projects here.

"The tie-up is only for airports in India. We are also open to taking more partners from diverse sectors such as contracting and airport related business. We have held initial discussions with some companies but nothing has yet been firmed up," the Vice-President (India), CAI, Mr Ng Tim Peng, said.

The Secretary, Civil Aviation, Mr Ashok Chawla, told newspersons that a decision on the modernisation of Chennai and Kolkata airports as also 35 non-metro airports was expected shortly.

"The State government is to get back by the end of the month. A decision on Chennai airport will be taken after that. The tender for the 35 non-metro airports should also be out soon. In Kolkata, the State government wants Airports Authority to do the modernisation work," Mr Chawla added.

More Stories on : Infrastructure | Alliances & Joint Ventures | Modernisation | Airlines

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