Changi Airport buys 26% stake in Bengal Aerotropolis

Kolkata: Singapore’s Changi Airport International Pte has picked up a 26% stake in Bengal Aerotropolis Projects Ltd (BAPL), which is setting up a Rs 10,000-crore airport city in Durgapur. The stake has been picked up by Changi Airport India Pte Limited, the 100% subsidiary of Changi Airport International.
Confirming the development, Subrata Gupta, managing director of West Bengal Industrial Development Corporation, told ET: “Changi has picked up a 26% stake in BAPL and will be closely involved in the project,” The other four stakeholders of BAPL, which together hold 74% stake in the company, are Pragati Social Infrastructure, Pragati 47, Lend Lease Ltd and City Star Ltd.
A senior official of BAPL said a formal announcement on Changi’s exposure in the project and the equity size of BAPL would be made at an appropriate time. Changi Airport will play a crucial role in BAPL’s airport city project. It will act as the technical collaborator for the project, impart staff training and operate the airport for the first year, which will include route development. The airport city project has received in-principle approval from ministry of civil aviation.
Changi Airport is also trying to woo another firm from Singapore, Jurong International, for setting up the industrial park, which is an integral part of BAPL’s airport city project. BAPL’s initial investment in the airport city project is in the range of Rs 2,000-2,500 crore.
06/01/09 Sutanuka Ghosal/Economic Times

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Categories: Airports Jan 2009, New Jan 2009