Zurich Airport signs agreement with NIAL

The Zurich Airport International signed a shareholder agreement with the Uttar Pradesh government's entity NIAL in Lucknow for the development of the Noida International Airport.

Arun Vir Singh, CEO, Noida International Airport (NIAL), and Christoph Schnellmann, CEO, Yamuna International Airport (YIAPL), signed the agreement in the presence Uttar Pradesh Chief Minister Yogi Adityanath and officials of the UP government, the Zurich Airport International's statement said.

YIAPL is a 100 per cent subsidiary of Zurich Airport International and has been incorporated to develop the Noida International Airport in Jewar, which is around 70 km from the main Delhi region.

According to the agreement, 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," it added.

The airport is estimated to be developed at a cost of Rs 29,560 crore, the report added.