DLF and Frankfurt's Fraport to partner in airport modernization projects
04 Jun 2007
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New Delhi: Real-estate developer DLF Ltd and Germany's Fraport AG Frankfurt Airport Services Worldwide, owner and manager of Frankfurt Airport, will partner in bidding for airport modernization projects.
According to DLF's filing with SEBI, the stock market regulator, as part of a planned sale of 175 million shares to the public, the two companies have signed a memorandum of cooperation to explore airport projects.
A special purpose vehicle, "DLF Fraport SPV", has been set up to focus on the development and management of airports in India. The shareholding of DLF and Fraport in the special purpose vehicle (SPV) will be at least 26% each.
Fraport is already present in India through the consortium it formed with infrastructure conglomerate GMR Group and the India Development Fund to bid for the modernization of the Mumbai and Delhi airports.
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