London Gatwick Airport is to be known simply as Gatwick Airport and will undergo a £1 billion ($1.48 billion) facelift, its new owner Global Infrastructure Partners said today.

The decision to drop London from the airport's title kicks off a two-year investment programme which will result in "improvements to almost every part of the airport", says Gatwick's owner in a statement.

Global Infrastructure Partners, which also owns London City Airport, completed its acquisition of Gatwick from UK airports operator BAA in December.

Gatwick Airport chief executive Stewart Wingate says he welcomes the new UK Government's decision to establish a 'South East Airports Task Force' to examine ways of making the most out of the existing airport infrastructure surrounding London without expanding capacity.

The Government has scrapped plans to build a third runway at London Heathrow and will refuse to grant permission for the construction of additional runways at Gatwick and London Stansted.

Source: Air Transport Intelligence news