: Noida International Airport to see Rs 8,914 cr investment in first phase #finance #StockMarketNEWS #Business PTI New Delhi The first phase of the Noida International Airport at Jewar will entail

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Noida International Airport to see Rs 8,914 cr investment in first phase #finance #StockMarketNEWS #Business
PTI

New Delhi

The first phase of the Noida International Airport at Jewar will entail an investment of Rs 8,914 crore and the initial annual passenger handling capacity will be 12 million, a senior official civil aviation ministry official said on Wednesday.

Prime Minister Narendra Modi will be laying the foundation stone of the international airport, which is expected to be operational by September 2024.

The greenfield airport, spread over 1,330 acres of land, will initially have two runways and Zurich Airport International AG (concessionaire) emerged as the winning bidder for developing the aerodrome.

Civil Aviation Secretary Rajiv Bansal on Wednesday said the capital expenditure for the first phase of the project will be Rs 4,588 crore. The total cost will be Rs 8,914 crore, including Rs 4,326 crore to be spend by the Uttar Pradesh government towards Resettlement and Rehabilitation (R&R) and land acquisition.

In the first phase, the airport will have a handling capacity of 12 million passengers per annum and once all the four phases of the project are complete, the total capacity is projected to be 70 million passengers per annum.

The total cost of the airport project is estimated at Rs 29,560 crore, Bansal said. The amount excludes the money to be spent by the Uttar Pradesh government towards R&R and land acquisition.

The airport will be developed by Yamuna International Airport Pvt Ltd (YIAPL), in which Zurich Airport International AG has 100 per cent shareholding.

The concession period for the airport is 40 years and NIAL will have one per cent “golden share�? in YIAPL as well as the rights to appoint two directors on the YIAPLboard.

NIAL has been set up as a company for the Noida International Airport. The UP government and the New Delhi Okhla Industrial Development Authority (NOIDA) will have 37. 5 per cent stake each in NIAL. The Greater Noida Industrial Development Authority and the Yamuna Expressway Industrial Development Authority (YEIDA) have 12. 5 per cent stake each in the company.

The memorandum of understanding (MoU) between the concessionaire and the Union government for reserve services was signed on November 22.

Bansal said eight new airports are coming up in Uttar Pradesh, including at Jewar and Ayodhya.

Five aerodromes are expected to be ready next at Aligarh, Chitrakoot, Azamgarh, Mordabad and Shravasti in 2022.

In 2023, two more are expected at Ayodhya and Muirpur, and Jewar will be operational in 2024.

Currently, there are nine operational airports in the state. They are at Lucknow, Agra, Gorakhpur, Varanasi, Kanpur, Prayagraj, Hindon, Kushinagar and Bareilly.