Zurich Airport International signs shareholder agreement for development of Noida Airport
New Delhi, July 17, 2021
Zurich Airport International AG (ZAIA) and Noida International Airport Limited (NIAL) signed the shareholder agreement in Lucknow on Saturday in another step towards the development of the Noida International Airport.
Arunvir Singh, CEO, NIAL, and Christoph Schnellmann, CEO, YIAPL, signed the agreement in the presence of Uttar Pradesh Chief Minister Yogi Adityanath, UP Chief Secretary Rajendra Kumar Tiwari and UP Additional Chief Secretary S P Goyal.
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 and Vishak Iyer, Director Civil Aviation, Government of Uttar Pradesh.
A press release from NIAL said the shareholder agreement marked another important milestone for the Noida International Airport project and the much-awaited aviation infrastructure in the National Capital Region (NCR) and in Uttar Pradesh.
Jointly committed, ZAIA and the UP Government are developing Noida International Airport as a 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.
Chief Minister Adityanath said, “The signing of the shareholder agreement is the next step in the direction of progress for the state. 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."
Arunvir Singh said, “The shareholder agreement with Zurich Airport International AG 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, Chief Executive Officer, ZAIA said the new airport would 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 & rail connectivity along with other various utilities and to ensure safety and security for the upcoming Noida International Airport," he said.
"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," he added.
"NIA is envisaged to become India’s first net zero emission airport and is very pleased with the proactive stance taken by the UP government in its UP solar energy policy 2017. NIA is 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, Yamuna International Airport Pvt Ltd (YIAPL) received the final credit sanction for INR 3725 crore from the State Bank of India (SBI) for the development of Noida International Airport (NIA)," the release said.
ZAIA is a 100% subsidiary of Flughafen Zurich AG – a listed company that operates Zurich Airport.
YIAPL is a 100% subsidiary of ZAIA, which has been incorporated as a special purpose vehicle (SPV) to develop the greenfield Noida International Airport. The Government of Uttar Pradesh has signed the concession agreement with YIAPL to develop Noida International Airport (NIA) at Jewar near Noida. The company is responsible for implementing the public-private partnership project together with the Government of Uttar Pradesh, New Okhla Industrial Development Authority (NOIDA) and Greater Noida Industrial Development Authority.
Noida International Airport Limited was incorporated on August 28, 2018 as a joint venture of the Government of Uttar Pradesh (through Department of Civil Aviation), NOIDA, Greater NOIDA, and Yamuna Expressway Industrial Development Authority (YEIDA) in ratio of 37.5:37.5:12.5:12.5 with objective to set-up a greenfield internationa airport and facilitate related activities in Gautam Buddha Nagar district. The present authorised capital of the company is Rs. 10,000 crore.