Shareholder agreement for development of Noida Int'l Airport inked

New Delhi, July 17 In a bid to commence the construction of the Noida International Airport, a shareholder agreement was signed between Zurich Airport International AG (ZAIA) and Noida International Airport Limited (NIAL) on Saturday.

As per the agreement, NIAL will hold one golden share in Yamuna International Airport Pvt Ltd (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.

"The shareholder agreement marks another important milestone for the Noida International Airport project and the much-awaited aviation infrastructure in the NCR and in Uttar Pradesh," an official statement said.

Besides, the statement said that jointly committed, ZAIA and the UP government are developing the Noida International Airport as an upcoming world-class airport.

"The agreement also underpins the state government's support to establish and continuously improve surface access to the airport, establish and expand utilities required to run the airport, maintain law and order, including monitoring at the airport and grant the necessary clearances to build and operate the airport," it said.