BAPL inducts two senior Changi Airports International representatives on its Board

CAI picks up a 26% stake in BAPL- First ever investment by CAI in India

New Delhi, July 16, 2009: Bengal Aerotropolis Projects Ltd. (BAPL) the specialist company engaged in the development of Aerotropolis projects in the country today announced that they have inducted Changi Airports International (CAI) CEO Wong Woon Liong and Deputy CEO Eugene Gan as directors on BAPL board.

Singapore's CAI has also picked up a 26% stake in BAPL, the company which is setting up the Rs 10,000-crore airport city in Durgapur. The stake has been picked up by Changi Airports India, the 100% subsidiary of Changi Airports International.

Earlier, in February 2008, BAPL had signed a Technical Services Agreement (TSA) with CAI for the Durgapur Aerotropolis project. Under the agreement, CAI is providing advisory services to BAPL in planning, supervising execution and commissioning of the proposed airport.

Commenting on the alliance, BAPL Chairman Mr. Arvind Pande said, "We are delighted that CAI senior representatives have joined the BAPL board since this will bring unique and highly valuable perspectives on the sector. CAI has an enviable track record and stands for the best in terms of experience and technology in this space and that is reflected in the number of successful projects they have executed."

He further added, "This alliance will add momentum to the Durgapur project and enable us to turn this into one of the most efficient airports in the country."

Speaking on the occasion CAI CEO Mr. Wong Woon Liong said: "Changi Airports International is proud to be part of India's goal of going beyond the needs of the aeronautical infrastructure of an airport, to create a business environment that will be the engine of growth vital to a city's development. This project marks CAI's first major involvement in an Indian airport development, in its first aerotropolis and first privately owned merchant airport. On another level, this project marks our company's first overseas investment after the corporatisation of our parent company, Changi Airport Group. We are confident that this partnership with BAPL will help Durgapur Aerotropolis to expand into a vibrant new economic hub for the West Bengal region."

With induction of the two senior members from CAI, the total strength of BAPL board has reached 10. The BAPL board is headed by Mr. Arvind Pande, retired IAS official and former Chairman and CEO, Steel Authority of India Ltd (SAIL). Mr. Pande has rich and varied experience with renowned enterprises and institutes in India. The board of Directors is complimented with a large pool of professionals from diverse fields, having extensive experience in Finance, real estate, infrastructure development, operations and marketing.

Durgapur Aerotropolis will be the country's first private Greenfield Merchant Airport Project. The total land area of the Aerotropolis is 2300 acres of which a minimum of 650 acres will be used for the Airport. The airport is expected to be functional in 2011-12 and would have the ability to handle Airbus A320-200 category of aircrafts. The total investment in the Aerotropolis project is approximately 10,000 crores and is expected to be completed in 5 years.

Mr. Wong Woon Liong has over three-decades of experience and is a well-respected name in the aviation industry. As a part of the Changi Airport development team, he has played a key role in the development of Singapore into a leading air hub. Mr. Eugene Gan's responsibilities in CAI include sourcing and developing all investment deals, management and consultancy contracts in the major markets of China, India, Middle East and Russia. He oversees the management of all operating assets and management contracts.

Source : Equity Bulls

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