Changi plans airport JV with realty firm

NEW DELHI: Singapore’s Changi Airports International (CAI) is preparing for a second innings in India. And this time round, CAI has decided to cruise past erstwhile partner Bharti Enterprises and has initiated talks with a realty developer to set up a JV to bid for fresh airport development projects in the country.
The first of the new projects that the JV — which will be in place by the end of this month — intends to bid for, are Chennai and Kolkata airports modernisation programme.
"We are in talks with a listed real estate developer in India to set up a JV in the country. The Indian partner will hold the majority stake in the venture, which is expected to be finalised by the end of this month," Changi Airports International V-P (India) Ng Tim Peng said.
"Our immediate aim is to look at Chennai and Kolkata airport modernisation projects. We also intend to bid for the development of city side facilities in the non-metro airports in India, which is why we are joining hands with a real estate developer," Peng said.
Peng, however, refused to divulge details about CAI’s partner. "All I can say now is, it is a large listed real estate company in India," he said.
The major listed real estate players in the country include Ansal, Parsvnath and Unitech.
Besides, DLF — which had earlier bid for developing Delhi and Mumbai airports — is in the process of launching an initial public offer.
The market is also abuzz with talks that CIA has been in dialogue with Punj Lloyd for a similar venture.