Essel Infraprojects renews its interest in the upcoming Navi Mumbai airport; join hands with a US-based airport developer
Essel Infraprojects, led by Subhash Chandra – the Chairman of Essel Group, has teamed up with ADC&HAS Airports Worldwide, a US-based airport developer, in a bid to renew its interest in the upcoming Navi Mumbai airport. In 2005, the Essel group along with TAV group had failed the bid for the Mumbai airport privatization project.
According to the director Jorge Roberts, ADC&HAS Airports Worldwide, India continues to be an attractive investment destination in spite of holdups and regulatory problems. He further added that they would finalize the equity structure once the request for proposal documents is issued.
Jorge said that their objective is to build an airport that is financially feasible and competitive. The airport developer has a support from a large pension fund company from Canada.
According to the news published in Business Standard today, another airport operator Fraport that is based in Frankfurt and Zurich is eyeing the Navi Mumbai airport project. According to their Global Investments and Management Vice President, Kai Zobel, the company will exit Delhi airport in which it has a 10% share by the end of the second quarter. They are in talks with GMR over their exit.
Fraport plans to seek an Indian partner only if the law requires it. They expect to have at least a 30% stake.
Source: Business Standard
