Changi Airports may pick up stake in Kolkata-based firm

Kolkata: The investment arm of the Civil Aviation Authority of Singapore—Changi Airports International Pte. Ltd (CAI) —may take a minority equity interest in Bengal Aerotropolis Projects Ltd (BAPL), a Kolkata-based company looking to build new airports integrated with industrial parks and townships.
CAI might acquire about 18% in BAPL for $26 million, or a tad more than Rs100crore, valuing the firm at almost Rs500 crore, according to an investment banker familiar with the Indian firm’s plans. The deal with CAI should be closed in 15-20 days, he said on condition of anonymity.
When contacted, BAPL chairman Arvind Pande said: “Discussions (with CAI) are at an advanced stage and things are looking positive.”
He, however, refused to quantify the shares that BAPL was looking to sell to CAI, or the price. “Our promoters have put in Rs50 crore up till now. If we do sell shares to Changi, we’ll sell at a premium,” said Pande, who was formerly a secretary with India’s civil aviation ministry.
Ahfisah Rahman, the spokesperson for CAI, also refused to provide information on the plan. “CAI is always exploring appropriate investment opportunities and can share such information only after they crystallize. CAI’s current engagement (with BAPL) is limited to technical consultancy services and training for the proposed ­Durgapur airport (in West ­Bengal),” he said.
24/04/08 Rajdeep Datta Ray/Livemint

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Categories: Airports Apr 2008, Foreign Apr 2008