The proposed airport in Greater Noida near Delhi would be spread over 1,500 hectares and a private developer would hold a 74 per cent stake in it, the civil aviation ministry said on Wednesday.
A special purpose vehicle will implement the project. A private party selected through competitive bidding will own 74 per cent in the SPV, the Uttar Pradesh government through a sponsor will hold 13 per cent and the Airports Authority of India (AAI) another 13 per cent.
The GMR Group, which is upgrading the Delhi Airport, has the first right of refusal to develop the airport in Greater Noida. The company can get to develop the airport as well if its bid is not below 90 per cent of the highest bidder for the airport.
“We are certainly going to bid for it,” a GMR executive told Hindustan Times.
The ministry has received a techno-feasibility study and project report from the Uttar Pradesh government for the airport.
“The ministry has considered the report and has assured the state government that it will require approximately three months to get an approval in principle for the airport from the central government under the prevailing circumstances,” it said.
The proposed site, which will be known as the Taj International Aviation Hub, is located at Zewar, nearly 72 km from Delhi and 120 km from Agra. The Taj Expressway Authority will be nominated as the sponsor for the project and it will acquire the land .
“According to the feasibility report of the Uttar Pradesh Government, the site has been selected keeping in mind all other strategic points in nearby areas and so as to have the least environmental impact,” the ministry statement said.
The proposal for setting up an airport at Greater Noida was first received from the Uttar Pradesh Government in 2001 and the technical approval for the selected site was conveyed to the ministry in 2003.