Noida International Airport: In an effort to the establishment of the Noida International Airport, the Noida Authority has decided to release Rs 1,359 crore, while the Greater Noida Authority Rs 453 crore. The total contribution by the two authorities will be of Rs 1,812 crore, according to official statements.
The Greenfield airport is being built as a public-private partnership project, with the Noida Authority and the Greater Noida Authority owning 37.5% and 12.5%, shares respectively, in the project.
In addition to them, the Yamuna Expressway Authority owns a 12.5% stake in the project, while the Uttar Pradesh government owns the remaining 37.5%.
A meeting was held between Noida Authority and Greater Noida board
Earlier on Wednesday, December 28, the meeting of the Noida Authority and Greater Noida board was held, where the decision to release the funds was taken.
The meeting was chaired by Uttar Pradesh Infrastructure and Industrial Development Commissioner Arvind Kumar with Ritu Maheshwari, the CEO of both authorities, in attendance.
"For the establishment of the Noida International Airport, it was decided by the Noida Authority to give the balance due amount of Rs 1359,12,80,170. Prior to this, a total amount of Rs 1830,23,92,865 has been released by the Noida Authority against its shareholding," the Noida Authority said in its statement.
What Greater Noida Authority said?
In a separate statement, the Greater Noida Authority said it would release a fund of Rs 453 for the airport's development.
"The first instalment of Rs 113 crore from this fund would be released shortly. The remaining money would be released once the authority gets the loan from banks," it said.
Work is underway for the development of the Noida International Airport, billed to be India's biggest upon completion.
The airport is coming up in the Jewar area of Gautam Buddh Nagar, some 75 km off Delhi. The first phase of the airport is scheduled to be completed by September 2024, according to an official.
(With PTI inputs)
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