Uttar Pradesh government’s joint venture company Noida International Airport (NIAL) and Yamuna International Airport (YIAPL), signed a licence memorandum here on Saturday, signalling the formal handover of land for Jewar airport from NIAL to the concessionaire, YIAPL. With this, decks have now been cleared for the financial closure, followed by a ground-breaking ceremony that is likely to be held in the third week of August. Prime Minister Narendra Modi is expected to inaugurate the construction work and lay the foundation stone.
YIAPL — a 100% subsidiary of Zurich Airport International AG, that had been incorporated as a special purpose vehicle (SPV) to develop the Rs 30,000 crore greenfield Noida International Airport, on the outskirts of Delhi, is in the final stages of achieving financial closure of Rs 3,725 crore loan for the first phase of the project from the State Bank of India (SBI).
