News
Zurich Airport’s arm signs shareholding agreement with NIAL
The subsidiary of Zurich International Airport AG has signed a shareholding agreement with Noida International Airport Limited (NIAL), the Government’s special purpose vehicle for the airport project in Jewar. The deal was signed in the presence of UP Chief Minister Yogi Adityanath in Lucknow.
NIAL will own the golden share in Yamuna International Airport Pvt Limited (YIAPL), the subsidiary that will develop and operate the airport. A golden share will provide veto power to the UP Government and ensure no hostile takeover of the company takes place.
“The Noida International Airport will accelerate the development of industrial infrastructure, boost tourism, ease air traffic and create more jobs in the state. Airport operations will generate a multi-dimensional progress, leading to the economic development of UP,” the Chief Minister said.
The title of 1,334 hectares, the land required for the first phase of the project, was transferred to NIAL on July 17. NIAL will now issue the licence to YIAPL to start construction and authorise it to use the land for the 40-year concession period.
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