Thursday saw Singapore-based investor and manager of airports, Changi Airports International Pte Ltd, or CAI, announcing that it is determined to acquire 26% stake in Bengal Aerotropolis Projects Ltd, or BAPL, for $20 million (Rs 97.5 crore) - a step which is being seen as an effort on CAI's part to strengthen partnerships with Indian firms, for investment in upcoming airports and modernization of the old ones.

An offer to construct a township integrated with an airport at Andal in Burdwan district, around 170km north of Kolkata, has been proposed by BAPL.

CAI chief executive officer Wong Woon Liong said: "We expect attractive returns from our investment in BAPL in the medium to long term."

An agreement had been signed two years ago by CAI with Tata Realty and Infrastructure Ltd-a subsidiary of Tata Sons Ltd-to bid for modernization of Indian airports.

"The JV (joint venture) is certainly on, but I am not at liberty to discuss details," said Woon Liong, when asked about the joint venture, which remains a non-starter.