Singapore businessmen to invest in airports of Krasnodar Territory

The Bazovy Element Group, Changi Airports International (Singapore) and Sberbank Investments, a subsidiary of Sberbank Rossii, signed a cooperation deal to develop the airports of the Krasnodar Territory.

A joint venture will be formed to develop the airports of Krasnodar, Sochi, Gelendzhik and Anapa. Bazovy Element will hold a 50% + 1 share, Changi Airports International – 30%, Sberbank Investments – 20%. The venture will open in Q2 of 2012.

Sberbank Investments will spend $120 million for realization of the project. The Changi Airports International will spend $200 million, Lenta.ru reports.