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Tata Group and Singapore's Changi Airports have set up a joint venture to bid for contracts to run fast-growing airports in Kolkata and Chennai. Changi Airports International, a state-owned airport developer, said that Tata would hold 51 percent of the company, while Changi would own the rest. Over 6 million passengers used Chennai last year, Changi said, making it India's third-busiest airport, while Kolkata was fifth at 4.4 million. "Privatization programs for both airports are expected to be formally announced some time later this year,” Changi said in a statement. “The scope of the joint venture will also extend to investments in other airports including regional airports as well as airports which have already been privatized.” Changi Airports, part of Singapore's Civil Aviation Authority, also has investments in South and Central America, China and Abu Dhabi. It is due to take over the management of a new terminal in Moscow in April. |
