The signing of a new shareholder agreement cements the commitment of ZAIA and the UP Government in developing NIA as a world-class setup and India’s first net-zero emission airport.
Progressing further towards the development of Noida International Airport (NIA), the shareholder agreement between Zurich Airport International AG (ZAIA) and Noida International Airport Limited (NIAL) was signed in Lucknow, Uttar Pradesh, recently. Arunvir Singh, CEO, NIAL, and Christoph Schnellmann, CEO, Yamuna International Airport Private Limited (YIAPL), signed the agreement in the presence of the state’s Chief Minister Yogi Adityanath, Chief Secretary Rajendra Kumar Tiwari, and Additional Chief Secretary SP Goyal.
YIAPL, which is a 100 per cent subsidiary of ZAIA (itself a 100 per cent subsidiary of Flughafen Zurich AG, which operates the Zurich airport), has been incorporated as a special purpose vehicle to develop the greenfield airport at Jewar. The company is responsible for implementing the Public-Private Partnership project together with the Government of Uttar Pradesh, New Delhi Okhla Industrial Development Authority and Greater Noida Industrial Development Authority. As per 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 Dr Arunvir Singh, CEO, NIAL, and Vishak Iyer, Director Civil Aviation, Government of Uttar Pradesh.
The shareholder agreement marks another important milestone for the NIA project and the much-awaited aviation infrastructure in the NCR region and in Uttar Pradesh. Jointly committed, ZAIA and the UP Government are developing it as an upcoming world-class airport. 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.
On the occasion, CM Adityanath said, “The signing of the shareholder agreement is the next step in the direction of progress for the state. NIA 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.”
Dr Singh, CEO, NIAL, said, “The shareholder agreement with ZAIA is yet another stride towards developing a truly world-class airport in Uttar Pradesh. We all are eagerly awaiting the beginning of construction of the airport, which will herald economic growth and job opportunities in the state. We are confident that NIA will be the benchmark for a digital, sustainable and state-of-the-art airport not only for the state but for the whole country.”
Daniel Bircher, CEO, ZAIA, said, “We are pleased to sign the shareholder agreement, which strengthens the partnership between ZAIA and NIAL. The NIA 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 NIA.”
He further added, “ZAIA is a committed partner for India’s growth, and we see tremendous opportunities to invest and support India’s national agenda through infrastructural development and job creation. We are invested in India’s aviation ecosystem and are working closely with the Government of Uttar Pradesh and Government of India to build a passenger friendly, digital and green airport with a seamless logistics ecosystem.”
NIA has been envisaged as India’s first net zero emission airport. It is also striving to make air travel more affordable for airlines and passengers by building the infrastructure in a sustainable and cost-effective manner using renewable energy. The state government’s support through measures such as VAT/ GST exemptions on procurement of equipment related to renewable energy, on cross-subsidy charges, wheeling/transmission charges as well as on open access charges will help make NIA’s sustainability investments financially viable. Last month, YIAPL received the final credit sanction for Rs 3725 crore from the State Bank of India (SBI) for the development of NIA.