HomeAviation NewsNoida, Greater Noida authorities to release over Rs 1800 crore for international airport

Noida, Greater Noida authorities to release over Rs 1800 crore for international airport

The Noida Authority and the Greater Noida Authority are 37.5 percent and 12.5 percent shareholders, respectively, in the Greenfield airport being built as a public-private partnership project.

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By PTI December 29, 2022, 8:01:16 PM IST (Published)

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Noida, Greater Noida authorities to release over Rs 1800 crore for international airport
The Noida Authority has decided to release Rs 1,359 crore and the Greater Noida Authority Rs 453 crore for establishment of the Noida International Airport, according to official statements.


The Noida Authority and the Greater Noida Authority are 37.5 percent and 12.5 percent shareholders, respectively, in the Greenfield airport being built as a public-private partnership project.

Besides them, the Uttar Pradesh government holds a 37.5 percent stake in the project while the Yamuna Expressway Authority has another 12.5 percent share in it.

The decision for the release of funds was taken during the board meetings of the Noida Authority and the Greater Noida Authority on Wednesday.

The Uttar Pradesh Infrastructure and Industrial Development Commissioner Arvind Kumar had chaired the meetings in the presence of Ritu Maheshwari, the CEO of both the authorities.

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"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.

In a separate statement, the Greater Noida Authority said it would release a fund of Rs 453 crore for the airport's development.

"The first installment of Rs 113 crore from this fund would be released shortly. The remaining money would be released once the authority gets 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, around 75km off Delhi.

The first phase of the airport is scheduled to be completed by September 2024, according to an official.

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