Noida: The subsidiary of Zurich AG International Airport has signed a share ownership agreement with Noida International Airport Limited (NIAL), a government-specific vehicle for airport projects in the JEP.
The agreement was signed before the Chairman of the Yogi Adityanath Minister in Lucknow.
Nial will have a gold in Yamuna International Airport Pvt Limited (YIAP), a subsidiary that will develop and operate the airport.
Share gold will provide veto power to the government and ensure no hostile takeover on the company.
“Noida International Airport will accelerate the development of industrial infrastructure, enhance tourism, relieve air traffic and create more work in the state.
The airport operation will produce multi-dimensional progress, which leads to economic development,” said the ministerial head.
The title is 1,334 hectares, the land needed for the first phase of the project, transferred to nial on Saturday.
Nial will now issue a license to Yiappl to start construction and allow it to use land for a 40-year concession period.
Arun VIR Singh, the head of the Nial executive officer, said Yiap will soon be given land ownership.
“Only a handful of families left in Rohi.
They have been looking for a few days.
We will clean the site and give it to Yiapl for construction to start earlier,” he added.
Christoph Schnellmann, Yiapl CEO, said, “We have worked on the site since last year.
We expect construction activities to start in the next few months.
The upper government is in the process of conclusing rehabilitation and resettlement activities.”