Last month, YIAPL secured $510.27m funding from the State Bank of India for the development of the Noida International Airport. Credit: Josue Isai Ramos Figueroa / Unsplash.

Swiss developer Zurich Airport International (ZAIA) has entered a shareholder agreement with Noida International Airport Limited (NIAL) for the development of the Noida International Airport in Jewar, India.

The agreement was signed by Yamuna International Airport Private Limited (YIAPL), the wholly-owned subsidiary of ZAIA.

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As agreed, NIAL will hold the right to nominate two directors to the board, along with one golden share in YIAPL.

According to a statement, the board directors will include NIAL CEO Arun Vir Singh, the Government of the Indian state of Uttar Pradesh (UP) and civil aviation director Vishak Iyer.

As per the agreement, the UP Government will provide support to ‘establish and continuously improve surface access to the airport, establish and expand utilities required to run the airport (water, electricity, wastewater) and maintain law and order.’

It will also provide the clearances required to build and run the airport.

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On 29 November 2019, ZAIA secured the bid to construct and run the airport, which will have the capacity to manage 12 million passengers annually after phase one of its construction.

The company secured the 40-year concession for the airport after outbidding Delhi International Airport Limited (DIAL), Adani Enterprises and Anchorage Infrastructure Investments Holdings Limited.

Last October, ZAIA and the officials of the Uttar Pradesh Government signed a concession agreement for initiating the construction of the Noida airport, with a projected cost of around $3.99bn (Rs295.6bn).

In December last year, the UP Government received the master plan for the first stage of construction from the Swiss company.

For this purpose, it chose a four-company consortium for designing the airport’s passenger terminal.

In March, NIAL and the UP Government signed a state support agreement in India.

Under the agreement, surface access to the airport will be created and improved by the UP government.

Last month, YIAPL secured $510.27m (Rs37.25bn) funding from the State Bank of India (SBI) for the development of Noida International Airport.