India’s largest airport developed in Noida, Zurich International signs agreement

Noida: The agreement was signed by Zurich International and Noida International Airport Limited (NIAL) on Wednesday to make the country’s largest airport at Jewar in Greater Noida. With the agreement, the hopes of flying in 2023 have doubled.

According to officials, Zurich International Airport Limited AG has formed a special purpose vehicle (SPV) company in the name of Yamuna International Airport Private Limited for the construction of Noida Airport. This company and NIAL entered into an agreement. An online press conference was held keeping coronavirus in mind. Media representatives of many countries were also involved during the virtual meeting.

Dr. Arunvir Singh, CEO of NIAL, told that Zurich International Airport Limited AG officials from Malaysia and Switzerland also joined this agreement online. The NIAL office was especially decorated and painting on pots was made by students of Delhi University Arts Department.

Earlier, the agreement date for the airport has been postponed twice. Representatives of the Zurich Company were unable to enter the country due to non-flights. The SPV Company constituted on behalf of the Zurich Company to sign a concession agreement within 45 days of receiving the security clearance. The SPV received security clearance on 18 May. It was necessary to have an agreement by 2 July. Due to coronavirus, its date was extended to 17 August. The date could have again extended to October 15 if the situation were not normal.

There are four stakeholders in NIAL

Four organizations are stakeholders in NIAL. The state government and Noida Authority hold 37.5-37.5 percent. The Greater Noida and Yamuna Authority hold 12.5–12.5 percent.

Several big companies had applied, but Zurich secured the Noida airport project of around Rs 29,500 crore by bidding for the highest revenue. The company proposed to pay revenue of Rs 400.97 per passenger, while Adani Enterprises Ltd bid for Rs 360, Delhi International Airport Limited (Dial) Rs 351 and Encourage Infrastructure Investment Holding Ltd paid Rs 205 per passenger revenue. That is how Zurich won the contract.

Since the contract of the airport was approved following development took place such as-

·         6 July 2017: Construction site permission granted.

·         5 October 2017: Ministry of Home Affairs granted NOC.

·         6 November 2017: Ministry of Home Affairs granted Immigration NOC.

·         29 December 2017: Yamuna Authority selects advisory company.

·         11 January 2018: Ministry of Defense granted NOC.

·         23 April 2018: Civil Aviation Ministry gave in-principle approval

·         30 October 2018: Notification of taking land (Section-11)

·         07 May 2019: Approval for global bid withdrawal

·         29 November 2019: Tender opens, Zurich company bids highest

·         18 May 2020: SPV of Zurich company gets security clearance

·         02 July -2020: First date of agreement fixed, postponed

·         August 17, 2020: Second date fixed for agreement, postponed

·         28 September 2020: Agreement with Zurich company set

·         7 October 2020: Zurich International and Nial sign agreement

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