Joint venture co for Chandigarh airport to be registered soon

Chandigarh: The registration of joint venture company (JVC) under the name of Chandigarh International Airport Ltd is likely to be carried out soon, which will set the ball rolling for construction of the much-awaited airport.
A memorandum of understanding (MoU) for construction of the airport was signed between Greater Mohali Area Development Authority (GMADA), the Airports Authority of India (AAI) and the Haryana government on January 4, 2008. It took more than 21 months for the trio to form a JVC for the ambitious project. Officials say the delay was caused by differences over the nomenclature of the proposed JVC. Punjab had proposed that the JVC be named as Shaheed-e-Azam Sardar Bhagat Singh International Airport Ltd, Mohali. On the other hand, the Haryana government demanded that the joint venture company must be named after Chandigarh.
Sources in the civil aviation department, Punjab say finally, the formalities for the formation of the JVC have been completed.
The board of JVC will have nine members. AAI can nominate five members, while GMADA and Haryana Urban Development Authority (Huda) will have the right to nominate two members each. It will initially have an authorised share capital of Rs 20 crore, sources revealed.
23/01/10 Swarleen Kaur/Financial Express

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Categories: Airports Jan 2010, New Jan 2010