Singapore’s Changi Airports andIndia’s conglomerate Tata Group haveset up a joint venture to bid for contractsto run the fast-growing airportsin Kolkata and Chennai.

Changi Airports International, astate-owned airport developer, said ina statement that Tata would hold 51percent of the company, while ChangiAirports would own the rest. It did notgive financial details.

The Tata group’s interests span automotives,commodities, energy, hotels,retail, financial services, broadcast,software and telecoms.

Changi Airports said that 6.77 millionpassengers used Chennai last year,making it the country’s third-busiestairport, while Kolkata served 4.4 millionpassengers, ranking it fifth.

"Privatisation programmes for bothairports are expected to be formallyannounced some time later this year.The scope of the joint venture will alsoextend to investments in other airportsincluding regional airports as well asairports which have already been privatised,"the statement said.