Singapore-based Changi Airports Group is acquiring a 26% stake in Bengal Aerotropolis Projects Limited (BAPL) of India.
The stake is being acquired through its international arm, Changi Airports International (CAI).
BAPL is setting up India's first greenfield aerotropolis project near the upcoming Durgapur Airport in a joint venture with the state-owned West Bengal Industrial Development Corporation.
The Durgapur Aerotropolis project envisages the development of an industrial park, logistics hub, IT park and township around the airport. The project aims to attract about $2.5bn in investments.
CAI has already fulfilled a technical service agreement to render a host of technical services including reviewing the airport master plan and the detailed engineering designs besides appointing consultants.
CAI will sign an operations and management agreement to take up management of the airport after its completion.
In addition, CAI will train BAPL senior management in Singapore and provide them with an in-depth understanding of the complexities involved in operating an airport.
Changi Airport Group chief executive officer Lee Seow Hiang said the Durgapur Aerotropolis marks the group's first investment in an aerotropolis concept.