Changi Buys Stake in Kalkota Airport Project

Changi Airports International, a subsidiary of Singapore’s Changi Airport Group, acquired a 26-percent stake in India’s Bengal Aerotropolis Projects.

The Aerotropolis Project is building a new airport from scratch because the existing airport in Kolkata is unable to meet the projected requirements of traffic.

The project marks the group’s first overseas investment since the formation of its international investment arm earlier this month, following incorporation.

Plans for the project, which will be India’s first privately-owned cargo airport, include a logistics hub and an industrial park. According to the developers, it is expected to attract investment of about $2.5 billion.

In the first phase, the proposed airport would be developed on 263 hectares, while the industrial and support infrastructure would be built on 686 hectares.

Under a technical service agreement, CAI would provide a suite of support services over a period of 24 months, including review of airport master plan and engineering design as well as selection of consultants in the pre-construction stage.

The company will later enter into an operations and management agreement to assist in the management of the airport once construction is completed.

CAI recently bagged a $65-million contract to provide operations and management services at the King Fahd International Airport at Damman, Saudi Arabia.