Changi Airport Group is looking to sell its stake in Kazi Nazrul Islam Airport in West Bengal state – its only investment in India – two sources familiar told Infralogic.

Singapore government-owned Changi, which holds about 33% in the airport company Bengal Aerotropolis Projects, held a round of talks some months ago with India’s JSW Group for a potential exit, the sources said.

JSW Group was not interested, they said, adding that it either acquired or is in the process of acquiring about 40% of the airport from a group of local investors and does not want to increase its stake further.

Changi Airport Group, which is one of the sponsors of the airport located in Andal near Durgapur, remains keen to sell its stake and is open to approaches from potential buyers, the sources said.

Changi initially held 26% of the airport in 2009 and increased its stake subsequently through further capital infusions.

It does not want to operate and manage any airports in India following its experience with the Ahmedabad airport contract in 2015, the sources said.

At the time, Changi was set to take over the operations of the Jaipur and Ahmedabad airports through a government-to-government agreement signed during Prime Minister Narendra Modi’s November visit to Singapore, but the deal did not conclude.

“It was a bureaucratic mess,” according to a third source familiar.

Both airports were subsequently included in an auction launched in late 2018, which was won by India’s Adani Group.

Another auction for more airports assets has been delayed by about four years. The intent initially was to seek bids in 2021 after the government decided to pair smaller airports with larger, more profitable ones. Since then, the list of airports to be paired has changed multiple times.

Changi Airport Group and JSW Group did not respond to requests for comment.