Parsvnath may team up with Turkish co for airport biz
Parsvnath Developers plans a consortium with a Turkish airport operator and a domestic infrastructure finance firm to bid for the Greater Noida airport.
By Sanjeev Choudhary, TNN |
NEW DELHI: Delhi-based Parsvnath Developers plans a consortium with a Turkish airport operator TAV Airports Holding and domestic infrastructure finance firm IL&FS Transport Network Ltd (ITNL) to bid for the Greater Noida airport, according to a person close to the development. Parsvnath plans to hold majority stake in the consortium.
The formation of the consortium will ultimately depend on whether the central government permits the development of the Greater Noida airport. The Centre is actively considering the UP government’s proposal to develop an airport at Zevar, Greater Noida. GMR, which is leading the consortium building Indira Gandhi International (IGI) Airport in Delhi, has opposed it on the ground that it would make Delhi airport less viable as the proposed site is located only 72 kms from IGI.
So far, there has been no unanimity in government over the proposed airport. Under the current guidelines, GMR has the first right of refusal for the Noida airport.
A Parsvnath spokesperson declined comment. Turkey-based TAV group at present manages and operates under long-term BOT contracts four airports comprising Istanbul Ataturk Airport, Ankara’s Esenboga Airport and Izmir’s Adnan Menderes Airport in Turkey, and Tblisi Airport in the Georgian Republic. TAV has also got contract to upgrade and develop two airports in Tunisia.
Parsvnath is eyeing infrastructure as the key driver for its growth in future. It has also applied for telecom licences to operate in all 22 circles. The company is looking at airports and roads as the major growth areas. It would bid for building and managing airports in all metros as well as tier II cities.
Sources said, company’s role would initially be limited to its core competency of construction, whereas partners such as TAV would operate and manage the airports. Parsvnath’s interest in airport development is driven largely because the business presents huge untapped opportunity and also spreads the risk of a furture housing slowdown, say industry sources. Investment bank Hansuttam Finance (HFL) are the consultants to Parsvnath-led consortium for the Greater Noida airport bid.
TAV, formed as a joint venture between Turkish construction groups Tepe and Akfen groups in 1997, today has leading investment firms Goldman Sachs, Babcock&Brown, Islamic Development Bank Infrastructure Fund and Global Investment House as its shareholders.
TAV Group also has subsidiaries overseeing ground handling, duty free operations, food and beverages, aviation security, and IT services.
The formation of the consortium will ultimately depend on whether the central government permits the development of the Greater Noida airport. The Centre is actively considering the UP government’s proposal to develop an airport at Zevar, Greater Noida. GMR, which is leading the consortium building Indira Gandhi International (IGI) Airport in Delhi, has opposed it on the ground that it would make Delhi airport less viable as the proposed site is located only 72 kms from IGI.
So far, there has been no unanimity in government over the proposed airport. Under the current guidelines, GMR has the first right of refusal for the Noida airport.
A Parsvnath spokesperson declined comment. Turkey-based TAV group at present manages and operates under long-term BOT contracts four airports comprising Istanbul Ataturk Airport, Ankara’s Esenboga Airport and Izmir’s Adnan Menderes Airport in Turkey, and Tblisi Airport in the Georgian Republic. TAV has also got contract to upgrade and develop two airports in Tunisia.
Parsvnath is eyeing infrastructure as the key driver for its growth in future. It has also applied for telecom licences to operate in all 22 circles. The company is looking at airports and roads as the major growth areas. It would bid for building and managing airports in all metros as well as tier II cities.
Sources said, company’s role would initially be limited to its core competency of construction, whereas partners such as TAV would operate and manage the airports. Parsvnath’s interest in airport development is driven largely because the business presents huge untapped opportunity and also spreads the risk of a furture housing slowdown, say industry sources. Investment bank Hansuttam Finance (HFL) are the consultants to Parsvnath-led consortium for the Greater Noida airport bid.
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TAV, formed as a joint venture between Turkish construction groups Tepe and Akfen groups in 1997, today has leading investment firms Goldman Sachs, Babcock&Brown, Islamic Development Bank Infrastructure Fund and Global Investment House as its shareholders.
TAV Group also has subsidiaries overseeing ground handling, duty free operations, food and beverages, aviation security, and IT services.
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