PM Modi to lay foundation stone for Noida Int'l Airport tomorrow

Spending Rs3,725 crores, Yamuna International Airport Private Limited (YIAPL) is developing Noida International Airport under the PPP model in close partnership with Uttar Pradesh government and Centre. Owing to its scale and capacity, the upcoming airport will prove to be a game-changer for the state and NCR

New Delhi: Prime Minister Narendra Modi will lay the foundation stone for Noida International Airport (NIA) at Jewar in the National Capital Region (NCR) on November 25.

The airport is being developed by Yamuna International Airport Private Limited (YIAPL) under the PPP model in close partnership with the Uttar Pradesh state government and the Centre. The project is expected to create job opportunities in the state.

"YIAPL is committed to building a world-class airport in India which will play the role of a catalyst for the economic growth of India and Uttar Pradesh. The investment in Noida International Airport (NIA) will fuel the economy in NCR, Greater Noida, and the state of Uttar Pradesh, thereby also generating substantial direct and indirect job opportunities in the region," the airport authority said in a statement.

The airport will be the logistics gateway for North India. Owing to its scale and capacity, the upcoming airport will prove to be a game-changer for the state.

According to the Prime Minister's Office (PMO), the airport is strategically located and will serve the people of cities, including Delhi, Noida, Ghaziabad, Aligarh, Agra, Faridabad and neighbouring areas.

"Once fully constructed, the Noida International Airport will be a thriving international airport serving the National Capital Region of Delhi and the fast-developing Yamuna Expressway Industrial Development area between Delhi and Agra. UP government's continued support towards the project has been vital in the process so far," the airport authority said.

Recently, YIAPL signed the financing agreements with the State Bank of India (SBI) and Noida International Airport Limited (NIAL), the Government of Uttar Pradesh's nodal agency for the project, to achieve financial close of the NIA project.

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YIAPL has raised Rs3,725 crores in debt from SBI to be repaid over a period of 20 years with one-year moratorium post completion of the project. This is one of the largest financings in an Indian greenfield airport. The financial close marks another crucial milestone for the project, bringing it closer to the start of construction works. The project is being funded on a debt-to-equity ratio of 65:35.

"Airport will be a confluence of air travel, high-speed rail, metro, and road transport. Though the master plan is prepared to accommodate the demand throughout the 40-year concession period with two runways, the Government of Uttar Pradesh has larger aspirations over the broader time horizon to ultimately have 5 runways. The airport master plan provides the platform for this aspiration growth," the Noida Airport statement read.

The airport will develop a Ground Transportation Centre that will feature a multimodal transit hub, housing metro and high-speed rail stations, taxi, bus services and private parking.

This will enable seamless connectivity of the airport with the road, rail, and metro. Noida and Delhi will be connected to the airport through hassle-free metro service. All major nearby roads and highways like the Yamuna Expressway, Western Peripheral Expressway, Eastern Peripheral Expressway, Delhi-Mumbai Expressway and others will be connected to the airport.

The airport is spread over more than 1300 hectares of land, the completed first phase of the airport will have a capacity to serve around 1.2 crore passengers a year and work on it is scheduled to be completed by 2024.

(ANI)