Basic Element (BasEl) holding company owned by Russian billionaire Oleg Deripaska, the country's top bank Sberbank and Changi Airports International signed an $820-million deal on Friday to establish a joint venture of airports management in Russia's south.
The agreement, signed during the St. Petersburg International Economic Forum, stipulates that BasEl's stake in the joint venture amounts to 50 percent plus one share. Sberbank will have 20 percent minus one share, while Changi Airports International, a manager of Singapore's Changi Airport, will hold 30 percent.
The bank will invest $120 million in the venture, while Changi's investment will be $200 million. As for BasEl, it will include its airports in Sochi, Krasnodar, Gelendzhik and Anapa in the venture, which are estimated at $500 million.
The three parties see key targets of the venture in further airport development in the region and their expansion.