Singapore's Changi Airport increases stake in Indian private airport development
Changi Airports International (CAI), Singapore, has raised their stake in Bengal Aerotropolis Projects Ltd (BAPL) to 32.2% from the existing 26% the firm has since 2009.
BAPL is developing an airport project in Andal, West Bengal, India. The transaction was approved by the state government in July this year.
BAPL's promoters also include IL&FS Airports Ltd and three individuals, Partha Ghosh, Utsav Parekh and Ram Ratan Modi.
The airport, named as Kazi Nazrul Islam International Airport, is constructed around an old airfield in Andal. The aerotropolis project is spread over approximately 2,182 acres (8.83 km2).
On 7 September 2007, the Union Civil Aviation Ministry and the West Bengal government announced plans to set up a new airport.
As planned, an Integrated Township, IT Park, and logistics hub will see the light of the day along with the Andal Aerotropolis Project.
BAPL has completed most of its legal procedures, receiving the In-Principal Clearance from the Ministry of Civil Aviation as well as getting the Land Use Development Control Plan (LUDCP) approved by Asansol Durgapur Development Authority (ADDA). It has also entered into a Technical Services Agreement with Changi Airports India Pte Ltd, Singapore.
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