SUBSIDIARY NAME
KING MICHAELS (PTY) LTD
COUNTRY
Orissa, INDIA
SECTOR/ INDUSTRY
AVIATION TRANSPORT
OWNERSHIP %
70% IIB-DG
ACQUISITION DATE
OCTOBER, 9, 2022
ACQUISITION VALUATION
5 BILLION
TOTAL ASSET VALUATION
50 BILLION
TRANSPORT-AVIATION
KING MICHAELS (PTY) LTD: The project owner will also Build supporting businesses around the airport like, a mall opposite the airport, hotels, Manufacturing factories and railway lines in partnership with investors willing also to go an extra mile in other projects than just the airport. The aim is to shift the socioeconomic focus growth from just the local gold mining sector, to develop an Aeropolis City, where the small town is developed into a city by cargo and passenger airport activities. The project is aimed at employing +- 1500 people. The project will also establish an Aviation Training Academy for pilots, airhosts, aviation engineers, etc. Another reason for this airport is to reduce the movement of cargo via road transport, because of heavy loaded trucks damaging the roads in WELKOM. Welkom is the first Gold mining area in South Africa to be established by the Oppenheimer family and has been producing 60% of the Gold produce in South Africa. The airport will inter connect with the global market on cargo and tourism, Welkom is at the centre of South Africa, thus, interconnecting states or provinces, meaning everyone from all South African provinces pass through WELKOM when going to the four directions of the country (South, North, East and West).
SUBSIDIARY NAME
KING MICHAELS (PTY) LTD