Infrastructure Leasing & Financial Services (IL&FS) has picked up a 12.6% stake in the Bengal Aerotropolis Projects (BAPL). Sources close to the development said IL&FS has picked up the stake for Rs 65 crore.
Confirming the development, Milind Patel, deputy managing director of IL&FS Financial Services, said, ?It is an infrastructure project and there are partners like Changi International attached to it. So it makes sense for us to pick up the stake.? Changi Airports India, Singapore, an associate company of Changi Airport International, and IL&FS together hold 29% stake in the project at present.
Bengal Aerotropolis Projects was incorporated in 2007 to carry out infrastructure development projects comprising an airport, IT park, industrial zone and township at Durgapur in West Bengal. Changi Airports came into the joint venture in 2009 by picking up 26% stake for $20 million. Earlier this year, BAPL decided to reduce its stake from 72.52% and sought the state government?s permission to continue its equity base expansion exercise. Eventually combined stake of the promoter group came down to 60.2% and West Bengal Industrial Development Corporation?s (WBIDC) stake was reduced to 1.2% from 1.48% in July this year. The promoter group comprises City Star Infrastructure, Lend Lease Company (India), Pragati 47 Development and Pragati social Infrastructure & Development.
