Cochin International Airport Ltd (CIAL) plans to form a consortium with financial and technical partners for floating a special purpose vehicle (SPV) to provide consultancy in the fields of airport development and operations in India and other countries.

CIAL is keen on developing the 35 non-metro greenfield airports to come up in the country and is also looking at opportunities arising abroad.

?The decision on the consortium will be made shortly,? indicated S Bharath, managing director, CIAL. So will be the details on the shareholding pattern in the SPV, he added.

Some of the countries that have approached CIAL for assistance include the Republic of Ghana, Republic of Papua New Guinea in the Caribbean Islands, and certain Latin American countries. ?Our cost effective airport model, successfully implemented by us, has impressed many, especially emerging countries,? Bharath told FE from Dubai where CIAL was a key participant in the Global World Class Airports conference.

CIAL plans to operate and manage these airports on a build, operate and transfer basis (BoT) or a build own and operate basis (BOO). ?We plan to finance, run and provide technical support to these airports,? he added.

On plans of coming out with an initial public offering (IPO), Bharath said, ?This step in airport development will improve our valuations and therefore, it makes sense to come out with the IPO once we are into the airport development business.?

CIAL, which pioneered airport privatisation in the country and currently manages the Kochi airport, is setting up an airport city – Aerotropolis. The master plan envisages the establishment of an aircraft maintenance, repair and overall facility (MRO), aviation academy, star/budget hotels, 18 hole golf course, convention/exhibition centre, logistics centre, amusement park, cultural village, etc. Apart from this, CIAL has earmarked a sizeable part of the land for developing an advanced information technology park (IT Park) to support IT/ITeS services and to provide the necessary amenities/facilities matching international standards on a cost effective platform for promoting the IT industry.

Globally, non-aero revenues account for a sizeable chunk (45% -50%) of the business of airport operators. In fact, Fraport AG derives 67% of its revenues from non-aero segments of the airport, according to a report by Motilal Oswal.