Noida international Airport at Jewar: Zurich Airport International signs shareholder agreement with NIAL

By: |
July 18, 2021 6:13 PM

The agreement entitles NIAL to hold a golden share in YIAPL, along with the right to nominate to the board two directors.

The airport is estimated to be developed at a cost of Rs 29,560 crore. (Representational image)

Noida International Airport: Noida has been looking forward to getting an international airport for a long time, and now, the Zurich Airport International has signed a shareholder agreement with Noida International Airport Limited or NIAL, an entity under the Uttar Pradesh government, for the development of the Noida International Airport. The agreement was signed by NIAL CEO Arun Vir Singh and Zurich Airport International’s 100% subsidiary Yamuna International Airport Pvt Ltd (YIAPL) CEO Christoph Schnellmann, while UP CM Yogi Adityanath was present. The YIAPL has been incorporated for the development of the Noida International Airport in Jewar, about 70 km away from the main Delhi region, according to a report by news agency PTI.

The agreement entitles NIAL to hold a golden share in YIAPL, along with the right to nominate to the board two directors. The two directors being added to the board are NIAL CEO Arun Vir Singh and UP Civil Aviation Director Vishak Iyer.

The agreement also states that the state government would establish as well as continuously improve the conditions of surface access to the airport, and also establish and expand the utilities like water, electricity and wastewater that are needed to run the airport. Apart from this, maintenance of law and order, including airport’s monitoring, along with grant of required clearances are also areas in which the UP government would support the entities.

Speaking on the occasion, CM Adityanath said that the Noida International Airport would become the benchmark for an airport in India that is “modern, world-class”, adding that it would not only lead to job creation in the state, but would also quicken the industrial infrastructure development, promote exports, provide a boost to tourism and ease the air traffic.

He also emphasised that the civil aviation sector in the state saw a significant improvement over the past four years, saying that in 2017, only four airports functioned in UP, of which Lucknow and Varanasi were the ones that operated regularly, while infrequent flights were seen at Agra and Gorakhpur. Now, though, the state has eight fully functional airports, he said, adding that the number of destinations from all the four airports in 2017 was 25, and this figure has now almost tripled.

The YIAPL has secured Rs 3,725 crore as loan from the State Bank of India to aid in the development of Noida International Airport, it announced last month. Soon after winning the bid for the airport’s development back in November 2019, Zurich Airport International said that it would have the ability to handle 1.2 crore passengers annually after the first phase of construction would be completed.

The airport is estimated to be developed at a cost of Rs 29,560 crore, the report added.

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