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The Incheon International Airport Corp. (IIAC) will invest in a 30 percent stake in a 600 billion-won expansion of Indonesia's Hang Nadim Batam airport by 2024,
South Korea's main airport operator had formed a consortium with Indonesia's state-run airport operator PT Angkasa Pura 1 (AP1) and local construction firm PT Wijaya Karya Tbk (WIKA) in the airport development project.
An IIAC spokesman noted that the deal is South Korea's first overseas airport development and operation deal.
The Hang Nadim Batam airport handled 4.5 million passengers in 2019, with eight airlines such as Garuda Indonesia and Ryanair, offering 23 routes through it.
The IIAC has won deals worth $227 million in 15 countries to operate overseas airports and offer consulting services.
