JAKARTA, Nov 13 (Reuters) - Indonesia's state-owned PT Angkasa Pura I plans to partner with India's GVK Power & Infrastructure GVKP.NS next year on a project to build an airport in the Javanese city of Yogyakarta worth up to $700 million, said the head of the Southeast Asian firm.

GVK is expected to be the first foreign firm allowed to own a major stake in an Indonesian airport, as the government looks overseas for help in funding much needed infrastructure.

"Our cooperation with GVK from India on the Yogyakarta airport will be the first foreign joint venture," Angkasa Pura's President-Director Tommy Soetomo told Reuters. "We are still preparing the master plan."

The deal has yet to be finalised and must be approved by Angkasa Pura's shareholders, he said. GVK's share in the joint venture will not be more than 49 percent.

((Randolph.Fabi@thomsonreuters.com)(+62 21 3199 7170)(Reuters Messaging: randolph.fabi.thomsonreuters.com@reuters.net))

Keywords: INDONESIA AIRPORTS/