Zurich Airport International Signs Shareholder Agreement With Noida International Airport Limited For Jewar Airport Development

Zurich Airport International had outbid Delhi International Airport to win concession

The Zurich Airport International on Saturday signed a shareholder settlement with the Uttar Pradesh authorities's entity NIAL in Lucknow for the event of the Noida International Airport, a press release mentioned. Arun Vir Singh, CEO, Noida International Airport Limited (NIAL), and Christoph Schnellmann, CEO, Yamuna International Airport Pvt Ltd (YIAPL), signed the settlement within the presence Uttar Pradesh Chief Minister Yogi Adityanath and senior officers of the UP authorities, the Zurich Airport International's assertion mentioned.

YIAPL is a 100 per cent subsidiary of Zurich Airport International and has been included to develop the Noida International Airport in Jewar, which is round 70 km from the principle Delhi area. According to the settlement, NIAL will maintain one golden share in YIAPL and the fitting to appoint two administrators to the board.

"The directors to be added to the board will be Arun Vir Singh, CEO NIAL, and Vishak Iyer, Director, Civil Aviation, Government of Uttar Pradesh," it added. The shareholder settlement additionally underpins the UP authorities's assist to "establish and continuously improve surface access to the airport, establish and expand utilities required to run the airport (water, electricity, waste water), maintain law and order, including monitoring at the airport, and grant the necessary clearances to build and operate the airport".

“The signing of the shareholder agreement is the next step in the direction of progress for the state. The Noida International Airport will be the benchmark for a modern, world-class airport in India,” a press release quoted Adityanath as saying. “It will accelerate the development of industrial infrastructure, boost tourism, promote exports, ease air traffic and lead to creation of more jobs in the state. It will generate multi-dimensional progress, leading to economic development in Uttar Pradesh,” he added.

Last month, the YIAPL had introduced that it has secured a mortgage of Rs 3,725 crore from the State Bank of India for the event of Noida International Airport. When it gained the bid on November 29, 2019, to construct and function the Noida airport, the Zurich Airport International had mentioned the airport will have the ability to deal with 12 million passengers per 12 months after the primary section of development.

Officials of the Uttar Pradesh authorities and the Swiss firm had signed a concession settlement on October 7, 2020, to start the development of the Noida airport, estimated to price Rs 29,560 crore. In December 2020, it had submitted the grasp plan for the primary section of development to the UP authorities and chosen a four-company consortium to design the passenger terminal for the greenfield airport in Jewar.

The Zurich Airport International had outbid Delhi International Airport Limited (DIAL), Adani Enterprises and Anchorage Infrastructure Investments Holdings Limited to win the 40-year concession for the Noida airport in November 2019. The Zurich Airport International is itself a 100 per cent subsidiary of Flughafen Zurich AG, a listed firm that operates the Zurich airport.

Zurich Airport International AG (ZAIA) CEO Daniel Bircher mentioned, “We are pleased to sign the shareholder agreement, which strengthens the partnership between ZAIA and NIAL. The Noida International Airport will be an engine of economic growth for India and Uttar Pradesh, stimulating residential and industrial activities in the catchment area as well as the development of cargo and logistics cluster in the NCR region.

“This agreement reaffirms UP government's commitment to provide road and rail connectivity along with other various utilities and to ensure safety and security for the upcoming Noida International Airport,” he mentioned.