Monday, July 19, 2021

Zurich Airport Signs Shareholder Agreement with NIAL for Upcoming Noida Airport

The Zurich Airport International on Saturday signed a shareholder agreement with Uttar Pradesh government entity NIAL in Lucknow for the development of the Noida International Airport, a statement said. Arun Vir Singh, CEO, Noida International Airport Limited (NIAL), and Christoph Schnellmann, CEO, Yamuna International Airport Pvt Ltd (YIAPL), signed the agreement in the presence of Uttar Pradesh Chief Minister Yogi Adityanath and senior state government officials, the Zurich Airport International said in a statement.

YIAPL is a 100 per cent subsidiary of Zurich Airport International and has been incorporated to develop the Noida International Airport in Jewar, which is around 70 km from the main Delhi region. Speaking during the virtual programme, Adityanath expressed happiness over the progress of work on the Jewar airport even in the midst of the coronavirus pandemic.

According to 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 Arun Vir Singh, CEO NIAL, and Vishak Iyer, Director, Civil Aviation, Government of Uttar Pradesh," the agreement stated.

The shareholder agreement also underpins the UP 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 the airport, and grant the necessary clearances to build and operate the airport". “The signing of the shareholder agreement is the next step in the direction of progress for the state. The Noida International Airport will be the benchmark for a modern, world-class airport in India," a statement quoted Adityanath as saying. “It will accelerate the development of industrial infrastructure, boost tourism, promote exports, ease air traffic and lead to the creation of more jobs in the state. It will generate multi-dimensional progress, leading to economic development in Uttar Pradesh," he said.

19/07/21 PTI/

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