Avia Solutions Group and Russian state-owned holding company Rostec have entered into a cooperation agreement to establish and develop a fourth airport in Moscow at the existing Ramenskoye aerodrome.
Ramenskoye International Airport will feature two terminals with a combined area of 60,000m², and will have the capacity to handle 12 million passengers per year.
Specifically built to cater to low-cost carriers, the airport will involve a total investment of $236m, and will be completed in three stages from 2014 to 2019.
Avia Solutions will invest RUB1bn ($30.09m) in the project and hold 75% stake in the joint business venture, while Rostec will bring in the land and real estate currently under its ownership in the territory of Ramenskoye aerodrome.
The project will transform Ramenskoye's Zhukovsky airfield into a full-fledged international airport by building a passenger handling complex and establishing all the appropriate services.
Avia Solutions Group head of aviation infrastructure development and management Tomas Vaisvila said: "The existing international airports in the Russian capital are rapidly approaching the limits of their capacity.
"Even with the development and expansion of the existing infrastructure in the three airports currently operating, the capacity deficit will reach 10 million."
By 2022 the airport will feature 240,000m² of aviation and other infrastructure, and is expected to serve more than 20 million international and regional passengers, creating 10,000 new jobs.