Zurich Airport inks shareholder agreement with NIAL to develop Noida International Airport

The Zurich Airport International recently signed a shareholder agreement with the Uttar Pradesh government’s entity Noida International Airport Limited (NIAL) in Lucknow for the development of Noida International Airport or Jewar Airport. 

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 officials of the UP government, the Zurich Airport International’s statement said.

For the unversed, YIAPL is a 100 per cent subsidiary of Zurich Airport International and has been incorporated to develop the Noida International Airport in Jewar. According to the agreement signed on Saturday, 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 statement said.

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, waste water), maintain law and order, including monitoring at the airport, and grant the necessary clearances to build and operate the airport”.

At the signing, CM Yogi Adityanath said, “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. It will accelerate the development of industrial infrastructure, boost tourism, promote exports, ease air traffic and lead to creation of more jobs in the state. It will generate multi-dimensional progress, leading to economic development in Uttar Pradesh.”

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