GVK ties-up for Java airport project

To build a second airport in Yogyakarta of Java city in Indonesia, GVK Power & Infrastructure is joining hands with the Indonesia´s State-owned infrastructure firm PT Angkasa Pura I. Angkasa Pura will fund the project through loans or equity. GVK, the Indian infrastructure major and the first foreign firm allowed to own a stake in an Indonesian airport, will have a major share in the $700 million project. In the joint venture, GVK´s share will not be more than 49 per cent. The deal is yet to be finalised and must be approved by Angkasa Pura´s shareholders.