Deripaska, Sberbank, Changi to form Russian airport JV

1 November 2011 (Last Updated November 1st, 2011 18:30)

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.

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.

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.