Public sector oil marketing company, Bharat Petroleum Corporation (BPCL) will pick up 21% stake in the proposed airport in Kannur in north Kerala for Rs 170 crore. Pursuant to picking up 21% stake, BPCL will become the second-largest stakeholder in the airport after the state government.
The state government has decided to issue share capital to the tune of Rs 784 crore in the first phase of allotment. Other investors who have picked up stakes in the airport are state-owned Kerala State Beverages Corporation, Kerala Minerals and Metals and Kerala State Electricity Board.
The government has earmarked 49% of the shares at a base price of Rs 100 each for individuals and those who want shares in the airport are free to apply. Later this month, the state government would release a global tender for building of the runway and the first flight would touch down by 2015.
The Rs 1,000-crore Kannur International Airport has been registered as a company and would be build under the public-private partnership mode. A year after it opens, the airport is expected to serve 1.5 million passengers and handle 86,000 tonnes of cargo.
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