The Board of Directors of Aeroexpress (a company specializing on transporting passengers to the airport and back by train) has approved the establishment of 100%-owned subsidiary Aeroexpress Pulkovo, Prime reports.

A representative of Aeroexpress has explained earlier that this refers to a company intended for implementation of a project for establishing an intermodal transportation between Baltiysky railway station and Pulkovo airport.

According to the decision taken by the Board of Directors the authorized capital of Aeroexpress Pulkovo is 100 thousand rubles. Half of the authorized capital must be paid prior to the completion of the company’s state registration, the rest money – within a year after completion of registration of Aeroexpress Pulkovo. Andrey Koshkin was appointed CEO of St. Petersburg-based subsidiary of Aeroexpress.

Such project has already been discussed for several years. The governor of St. Petersburg, Georgy Poltavchenko, and president of Russian Railways, Vladimir Yakunin, discussed the possibility of implementing the project on the basis of public-private partnership in June 2012. The required amount of investments was 9.83 billion rubles (excluding the costs connected with purchasing the rolling stock and the investments of Aeroexpress into construction of terminals).

Aeroexpress is the railway operator specializing on transporting passengers between the cities and the airports of Moscow (Vnukovo, Sheremetyevo and Domodedovo), Sochi and Vladivostok. The similar project is being implemented in Kazan. The operator is also providing commutation services. Its passenger traffic in 2012 was 17.4 million passengers.

Russian Railways owns 50% of Aeroexpress, Transgroup AS - 25%, Andrey Bokarev and Iskander Makhmudov - 7,5% and 17,5% respectively. The president of Russian Railways, Vladimir Yakunin, told about the possibility of selling 25% of Aeroexpress.