Work on Jewar airport could begin soon as the Noida International Airport Limited (NIAL) and Zurich Airport International AG on Wednesday signed a key agreement. Estimated to cost Rs 29,560 crore, the 'concession agreement' for the Greenfield airport was inked between the UP government's agency and the Yamuna International Airport Private Limited (YIAPL), a special purpose vehicle floated by the Zurich Airport for the project, the officials said.
With the concession agreement in place, the Switzerland-headquartered company would construct and maintain the airport that is being built on the public-private partnership (PPP) model and is billed to be the biggest in India upon completion.
According to officials, restriction on flight services due to COVID-19 outbreak and subsequent lockdown has led to the extension of the date for signing of the concessionaire agreement between selected developer and the state government agencies for the project.
It was on November 29 last year when the Swiss firm Zurich Airport emerged as the highest bidder to develop the Jewar airport on the outskirts of Delhi in Gautam Buddh Nagar district of Uttar Pradesh, outbidding competitors like Adani Enterprises, DIAL and Anchorage Infrastructure Investments Holding.
Officials said the entire project will be spread over 5,000 hectares is estimated to cost Rs 29,560 crore.
The Jewar airport, once completed, will be the third in the national capital region after Delhi's Indira Gandhi International Airport and Ghaziabad's Hindon Airport. It is touted to have six to eight runways, the maximum in India.
Officials said the first phase of the airport would be spread over 1,334 hectares and is expected to be completed by 2023 at a cost of Rs 4,588 crore.