Zurich Airport Signs Shareholder Agreement For Development Of Noida Airport

Zurich Airport International had outbid Delhi International Airport Limited, Adani Enterprises, and Anchorage Infrastructure Investments Holdings to win the 40-year concession for the Noida airport

The Zurich Airport International on Saturday signed a shareholder agreement with the Uttar Pradesh government's entity NIAL in Lucknow for the development of the Noida International Airport, a statement said. Arun Vir Singh, CEO, Noida International Airport Limited (NIAL), and Christoph Schnellmann, CEO, Yamuna International Airport Pvt Ltd (YIAPL), signed the agreement in the presence Uttar Pradesh Chief Minister Yogi Adityanath and senior officials of the UP government, the Zurich Airport International's statement said. YIAPL is a 100 per cent subsidiary of Zurich Airport International and has been incorporated to develop the Noida International Airport in Jewar, which is around 70 km from the main Delhi region. According to the agreement, NIAL will hold one golden share in YIAPL and the right to nominate two directors 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 agreement also underpins the UP government's support 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 statement 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.