Bharti, Changi team up for airport mangt. in India
Tuesday, 23 March 2004, 20:30 IST
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NEW DELHI: Bharti Enterprises, one of India's largest telecom conglomerates, Monday said it had entered into an agreement with Singapore's Changi Airport to participate in the government's airport privatisation drive. As part of the agreement, Bharti and Changi have formed a 50:50 joint venture to bid for the development and management of Delhi and Mumbai airports, said a joint press statement issued here. "The consortium will work towards the successful bidding and picking up of equity in the airport privatisation initiative undertaken by the Indian government," said the statement. State-run Airports Authority of India has decided to restructure and modernise the Delhi and Mumbai airports through the formation of separate joint venture companies. Airport Authority of India and other public sector entities will together hold 26 percent equity in a joint venture company, while private sector partners will hold the remaining equity. "This consortium will bring Changi's international expertise and our experience for a dram project in India," said Sunil Bharti Mittal, chairman of Bharti Enterprises. "Having successfully commissioned telecom projects across India and linking India with Singapore through undersea cable, we have developed the expertise in executing national and international infrastructure projects." Boon Swan Foo, chairman of Singapore Changi Airport Enterprises, said his company was looking for partners over the last few months to participate in the development and management of Indian airports. "We are pleased to partner Bharti, a top notch Indian corporate, to complement our international approach to airport management and operations," he said.
Source: IANS
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