OSAKA -- A consortium led by Japanese leasing giant Orix and Vinci Airports of France has acquired rights to run two Osaka-area airports starting next April.
New Kansai International Airport Co. said Tuesday that it has signed a formal agreement. The contract to run Kansai Airport and Osaka International Airport for 44 years is valued at around 2.2 trillion yen ($18 billion).
Orix is open to acquiring rights to other airports, and privatization opportunities abound, President Makoto Inoue told a news conference.
Orix Deputy President Yoshiyuki Yamaya will head the joint venture as its president, while Orix Senior Chairman Yoshihiko Miyauchi will serve as an outside director.
Japanese airports are open to low-cost carriers, Vinci Chairman Nicolas Notebaert said, expressing interest in operating Kobe Airport as well.
Orix and partners will set up hotels and commercial facilities inside and outside the airports. The goal is to generate sales of 250.9 billion yen from airport operation and 57.51 million passengers in the contract's final year of fiscal 2059 -- both up around 70% from the fiscal 2014 tallies.