Saturday, June 16, 2018

UP cabinet nod to JV company for Jewar airport

ET reported that the UP cabinet has approved formation of a joint venture company to build proposed airport at Jewar and given its final nod to the project. Officials said that the company, Noida International Airport Limited, has been formed with stakes from UP government, Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority.
While the UP government and Noida Authority will have 37.5% stakes each in the company, GNIDA and YEIDA will have 12.5% each.

“The cabinet has approved the incorporation of a joint venture company between the three authorities and UP government,” a letter from Surya Pal Gangwar, special secretary in the civil aviation department, to the three authorities on Tuesday states.

The letter also said the cabinet had given its in-principle approval to airport during a meeting on June 5. The cabinet gave its nod after approving techno-economic feasibility report (TEFR) prepared by PricewaterhouseCoopers (PwC).

Mr Shailendra Bhatia, OSD at YEIDA, said PwC had submitted the report on April 15. He said that “We applied to the ministry of civil aviation for an in-principle approval. On April 23, the ministry held a meeting and approved the TEFR. The TEFR was then sent to UP cabinet for final approval, which was granted on June 5.”
15/06/18 Steelguru