Russia-based Basic Element, OAO Sberbank and Singapore’s Changi Airports International are planning to form a joint venture to manage airports in southern Russia.

In the JV, Basic Element will own 50% plus one share, Changi Airports will hold 30% while Sberbank will hold a 20% stake minus one share.

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Sberbank will invest $120m, whereas Changi Airports will invest $200m into the joint venture.

The joint venture company will be worth $500m and manage airports in the cities of Sochi, Krasnodar, Gelendzhik and Anapa.

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