Fourth Moscow airport project takes off
Avia Solutions Group (ASG), a global provider of one-stop-shop aviation business solutions, recently signed a cooperation agreement with the largest Russian state-owned holding company Rostec. Both companies agreed to establish a joint business venture and implement a project to develop and manage a fourth Moscow airport hub on the existing Ramenskoye aerodrome site.
ASG is to invest RUB 1 billion (over USD 30 million) in the joint company's share capital and control up to 75% of the newly established company stocks. The Russian industrial giant Rostec will contribute to the project by bringing in the Ramenskoye aerodrome land and real estate currently under its ownership. In seven years’ time overall investment in the development of Moscow's fourth airport is expected to top USD 236 million.
When construction ends in 2019, the airport - specifically tailored to meet growing demand for low-cost air travel - will be expanded by the addition of a 5,000 sqm cargo handling terminal.