Tatas partner with Changi for airport modernisation business

New Delhi, Feb 21 (UNI) The Tata group has entered the business of airport modernisation in partnership with Singapore-based Changi Airports International (CAI).

The Tata-Changi venture will have 51:49 equity stake with no upside or downside limits on investments, said CAI's vice-president for India region Ng Tim Peng.

''We'll explore possibilities of greenfield as well as brownfield projects in the booming Indian aviation market,'' he told reporters on the sidelines of Inter Airport India seminar and exhibition which kicked off here today.

Mr Tim said the joint venture will be open to offloading some portion of equity in favour of other airport-related businesses.

Tatas' foray into the aviation sector comes after a considerable time since it made an abortive bid more than a decade ago to enter the aviation business in India in partnership with Singapore Airlines.

Since then, the group has steered clear of this sector, except for picking up a small equity stake in SpiceJet recently.

The Tatas were not involved with the modernisation of Delhi and Mumbai airports that saw bids from leading Indian corporate groups such as GMR, GVK, Zee, Reliance Anil Ambani Group and DS Constructions.

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