UP cabinet nod to joint venture company for Jewar airport While...

    UP cabinet nod to joint venture company for Jewar airport

    While the UP government and Noida Authority will have 37.5% stakes each in the company, GNIDA and YEIDA will have 12.5% each
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    Jewar

    The UP cabinet has approved formation of a joint venture company to build proposed airport at Jewar and given its final nod to the project.

    Officials said the company, Noida International Airport Limited, has been formed with stakes from UP government, Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority.

    While the UP government and Noida Authority will have 37.5% stakes each in the company, GNIDA and YEIDA will have 12.5% each.

    “The cabinet has approved the incorporation of a joint venture company between the three authorities and UP government,” a letter from Surya Pal Gangwar, special secretary in the civil aviation department, to the three authorities on Tuesday states.

    The letter also said the cabinet had given its in-principle approval to airport during a meeting on June 5. The cabinet gave its nod after approving techno-economic feasibility report (TEFR) prepared by PricewaterhouseCoopers (PwC).

    Shailendra Bhatia, OSD at YEIDA, said PwC had submitted the report on April 15. “We applied to the ministry of civil aviation for an in-principle approval. On April 23, the ministry held a meeting and approved the TEFR. The TEFR was then sent to UP cabinet for final approval, which was granted on June 5,” he said.

    According to officials in YEIDA, the nodal authority of the project, tenders are likely to be floated from first week of July to identify various agencies. YEIDA has already initiated processes for securing environmental clearance and acquiring land for the project.

    Officials said for acquiring land, authorities have been holding regular meetings with farmers whose plots have been earmarked for airport. YEIDA has also done a social impact assessment study and submitted a report to UP government. Officials said the government had formed a committee to decide on rehabilitation of villagers whose land would be taken for the airport.

    The UP government is slated to spend around Rs 4,000 crore on acquiring 5,000 hectares that have been identified in eight villages, including Mukeempur Shivara, Ranhra, Parohi, Kishorpur and Dayanatpur. According to TEFR, the airport project is expected to generate about one lakh employment opportunities and ease pressure on Indira Gandhi International Airport, Delhi.

    Info- https://realty.economictimes

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