You are here: Home » Current Affairs » News
Business Standard

Yamuna body gets Rs 3,725 cr loan from SBI to develop airport in Jewar

The entire principal plus interest amount has to be paid within 20 years.

Topics
sbi | Uttar Pradesh | Yamuna river

Press Trust of India  |  New Delhi 

aircraft, plane, flights, air travel, aviation
Representational image

The Yamuna International Airport Private Limited (YIAPL) has secured a loan of Rs 3,725 crore from the State Bank of India for the development of Noida international airport at Jewar in Uttar Pradesh, according to a statement issued on Friday.

YIAPL is a 100 per cent subsidiary of Zurich Airport International and has been incorporated to develop the airport in Jewar, which is around 70 km from the main Delhi region.

"The entire loan of Rs 3,725 crore has been underwritten by on a door-to-door loan tenor of 20 years. We look forward to working closely with to develop Noida international airport as a world class airport in India," Christoph Schnellmann, the chief executive officer of YIAPL, said.

Door-to-door loan tenor of 20 years means the entire principal plus interest amount has to be paid within 20 years.

"YIAPL now looks forward to the conclusion of the UP government's resettlement and rehabilitation process and the start of construction of the airport," the statement added.

"The funding (of Rs 3,725 crore) is a crucial milestone for the project as it validates the financial viability of the project while also outlining the next steps for the establishment of the Noida international airport," the statement said.

When it won the bid on November 29, 2019, to build and operate the Noida airport, Zurich Airport International had said the airport will be able to handle 12 million passengers per year after the first phase of construction.

Officials of the government and the Swiss company had signed a concession agreement on October 7, 2020 to begin the construction of the Noida airport, estimated to cost Rs 29,560 crore.

In December 2020, it had submitted the master plan for the first phase of construction to the UP government and selected a four-company consortium to design the passenger terminal for the greenfield airport in Jewar.

Zurich Airport International had outbid Delhi International Airport Limited (DIAL), Adani Enterprises and Anchorage Infrastructure Investments Holdings Limited to win the 40-year concession for the Noida airport on November 29, 2019.

Zurich Airport International is itself a 100 per cent subsidiary of Flughafen Zurich AG, a listed company that operates the Zurich airport.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, June 04 2021. 16:45 IST
RECOMMENDED FOR YOU