New Delhi: The TATA group and Singapore's Changi Airports International (CAI) have agreed on a joint venture to bid for modernising the Chennai and Kolkata airports.
The Tatas will have a majority stake in the new venture called TATA Changi. Initially, the company will bid for Kolkata and Chennai and will later vie for similar projects in non-metro airports.
TATA and CAI on Wednesday signed a Memorandum of Understanding to set up a joint venture company in which TATA holds a 51 per cent stake and CAI the remaining 49 per cent.
Says Vice-President, India, Changi Airport, Tim Peng, "We have agreed to work with Tata for Indian airports. Tata will be our leading partner and we are also open to invite other members to join our consortium provided they bring in the right skill sets."
The CAI has been in the aviation sector for a long time and provides consultancy and management services to many airport projects in countries all over the world.
The TATA group on the other hand is fairly new to the aviation sector. Almost a decade ago, it had made an unsuccesful attempt to enter the aviation business in India in partnership with Singapore Airlines.
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