Earlier today, Zurich International Airport put pen to paper on an agreement with Noida International Airport Limited, the airport operators of Noida International Airport, to develop the airport in the city of Lucknow, Uttar Pradesh, India. In doing so, it managed to fight off competition from Delhi International Airport Limited, Adani Enterprises and Anchorage Infrastructure Investments Holdings Limited, in what is a 40-year concession agreement.
Indeed, the CEO of Noida International Airport Limited, Arun Vir Singh, and CEO of Yamuna International Airport Pvt Ltd (a subsidiary of Zurich International Airport) both signed the agreement, with the Chief Minister of Uttar Pradesh, Yogi Adityanath overseeing the signing ceremony. One on the conditions of the agreement is that Noida International Airport Limited will have the authority to nominate two directors to the board. As such, Arun Vir Singh and the Director of Civil Aviation for Uttar Pradesh, Vishak Iyer, have taken their positions on the board.
Significant regional growth foreseen
The signing of the agreement should pave the way for improved local infrastructure, including enhanced airport security and sanitation and improved rail connectivity in the state, thereby leading to a boom in tourism and the creation of new job opportunities.
The CEO of Zurich International Airport, Daniel Bircher said, “We are pleased to sign the shareholder agreement, which strengthens the partnership between ZAIA and NIAL. The Noida International Airport will be an engine of economic growth for India and Uttar Pradesh, stimulating residential and industrial activities in the catchment area as well as the development of cargo and logistics cluster in the NCR region.”
The cost of the overall project is expected to be in the region of Rs 29,560 (Approximately US $3,428,000,000), and once completed, the airport will have the capability to accommodate 12 million passengers per year.