R-ADAG Acquires Stake in Upcoming Indian Airport

7 September 2010 (Last Updated September 7th, 2010 18:30)

Reliance-Anil Dhirubhai Ambani Group (R-ADAG) has acquired a 15% stake in a new international airport, which has been planned for the Indian state of Kerala. R-ADAG has acquired the stake for INR2.2bn ($47.8m) in the INR20bn ($245m) airport to be located in the Sabarimala hills.

Reliance-Anil Dhirubhai Ambani Group (R-ADAG) has acquired a 15% stake in a new international airport, which has been planned for the Indian state of Kerala.

R-ADAG has acquired the stake for INR2.2bn ($47.8m) in the INR20bn ($245m) airport to be located in the Sabarimala hills.

The first phase of the airport, worth INR5bn ($106m), is expected to be completed next year and will include a 1,800m runway, which will be further extended to 3,000m by the end of 2011.

The airport can only handle small aircraft and 50,000 passengers in the first phase but on completion of the second phase, it will be able to accommodate wide-bodied aircraft.

The facility is expected to be fully operational by 2012 and will handle 0.13 million passengers annually, according to Business Standard.

KGS Aranmula Airport, the promoter of the airport, is in possession of 350 acres of land and will acquire another 150 acres for the project.