Dubai's ETA Star will invest more than US$1 billion in India's ports and aviation sector, the Business Standard reported yesterday.
ETA Star, a holding company for businesses including real estate and shipping, has already committed more than 90 billion rupees (S$3.26 billion) in power and real estate in India. The company was now likely to invest 40-45 billion rupees in developing a port in southern Tamil Nadu state, the paper said without giving a source for the figure.
'We will finalise our plans for the ports venture after the bathymetry study, which is underway. We will convey our intentions to the Tamil Nadu government shortly,' Hameed Salahuddin, a director at ETA Star, said.
ETA will also start commercial flight operations in southern India in June or July, and is awaiting a mandate from the Indian government on rules for international operations.
'There is a huge demand from Tier-II and Tier-III cities . . . but as there (are) no services from existing airlines, we will bridge that gap,' said Mr Salahuddin.
India's domestic aviation market is forecast to expand at an annual rate of more than 20 per cent for the next three years on rising incomes. It is estimated that India would need about US$500 billion to upgrade infrastructure including ports and highways.
ETA Star, a holding company for businesses including real estate and shipping, has already committed more than 90 billion rupees (S$3.26 billion) in power and real estate in India. The company was now likely to invest 40-45 billion rupees in developing a port in southern Tamil Nadu state, the paper said without giving a source for the figure.
'We will finalise our plans for the ports venture after the bathymetry study, which is underway. We will convey our intentions to the Tamil Nadu government shortly,' Hameed Salahuddin, a director at ETA Star, said.
ETA will also start commercial flight operations in southern India in June or July, and is awaiting a mandate from the Indian government on rules for international operations.
'There is a huge demand from Tier-II and Tier-III cities . . . but as there (are) no services from existing airlines, we will bridge that gap,' said Mr Salahuddin.
India's domestic aviation market is forecast to expand at an annual rate of more than 20 per cent for the next three years on rising incomes. It is estimated that India would need about US$500 billion to upgrade infrastructure including ports and highways.