Zurich Airport signs shareholder agreement for development of Noida International Airport

Photo by VOO QQQ on Unsplash

The shareholder agreement between Zurich Airport International AG (ZAIA) and Noida International Airport Limited (NIAL) was signed in Lucknow, Uttar Pradesh today making an important milestone towards the development of Noida International Airport (NIA) in the National Capital Region of Delhi.

As per the agreement, NIAL will hold one golden share in Yamuna International Airport Pvt Ltd (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.

Jointly committed, ZAIA and the UP Government are developing Noida International Airport as an upcoming world-class airport. The airport is expected to reduce the burden of Delhi Airport, which is the busiest airport in India.

The agreement also underpins the state government’s support to establish and continuously improve surface access to the airport, establish and expand utilities required to run the airport (water, electricity, wastewater), maintain law and order, including monitoring at the airport and grant the necessary clearances to build and operate the airport.

“Noida International Airport will be the benchmark for a modern, world-class airport in India. 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,” said Yogi Adityanath, Chief Minister of Uttar Pradesh.

Daniel Bircher, Chief Executive Officer, Zurich Airport International AG said, “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.”

NIA is envisaged to become India’s first net zero emission airport. Last month, Yamuna International Airport Pvt Ltd (YIAPL) received the final credit sanction for Rs 3,725 crore from the State Bank of India (SBI) for the development of Noida International Airport (NIA).