Jewar airport concessionaire gets time till Jan 31 to form special purpose vehicle

The project monitoring and implementation committee (PMIC) has asked the Jewar airport concessionaire, Zurich Airport International AG, to form a special purpose vehicle (SPV) by January 31. It is proposed that the SPV will develop Noida International Greenfield Airport, along the length of the Yamuna Expressway.

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Officials of Noida International Airport Limited (NIAL) said that since Zurich International was a foreign firm it needs to form an SPV to operate in the country. The SPV will seek clearances from the Ministry of Home Affairs to start work at the project.

“The concessionaire was supposed to form an SPV within 21 days of getting the project. But now, the PMIC has given it more time as the process is time consuming. Once the SPV is formed, Zurich International will seek other clearances to start work at the site,” said Arun Vir Singh chief executive officer of NIAL, which is monitoring the project.

The NIAL is expected to finish formalities within the next 2 months so on-site work can start.

Meanwhile, the district administration and the NIAL are levelling agricultural land acquired for the project. Under the phase 1, the government needs 1,239.14 hectares. So far, it has acquired at least 82% land and the task to acquire remaining land is underway.

Switzerland’s Zurich International has developed Bangalore Airport in partnership with other companies. It exited the project in 2017. It has developed eight airports in Latin America and one in Zurich.

According to officials, the Phase 1 of the airport will become operational in 2023-27 and will cater to about 12 million passengers per annum. Phase 2 of the project, estimated to cost ₹5,983 crore, will handle about 30 million passengers per annum by financial year 2031-32. Phase 3 will be developed at a cost of ₹8,415 crore and will cater to 50 million passengers per annum by 2036-37. Phase 4 of the airport will cost an estimated ₹10,575 crore, officials said.