UP Govt Signals ‘Go Ahead’ on Formation of Joint Venture Company for Jewar Airport

The Council of Ministers in UP cabinet gave the approval to float a joint venture company for the construction of Jewar airport which is proposed to be constructed in Jewar near Bulandshahr city.

Jewar-Airport

Img : realtymonks

This thumbs-up from the Uttar Pradesh cabinet is believed to be the final go-ahead in the entire subject matter. According to the Officials, the Joint Venture Company named Noida International Airport Limited is formed with the inclusion of three civic authorities that are Noida Authority, Greater Noida Industrial Development Authority [GNIDA] and Yamuna Expressway Industrial Development Authority [YEIDA]. The UP State Government also holds stake in this Joint Venture Company apart from these authorities.

Both, the UP Government and Noida Authority have 37.5 percent stake each whereas GNIDA and YEIDA have 12.5 percent stake each. Surya Pal Gangwar, Special Secretary in the Civil Aviation department informed all the three authorities by sending a letter to them. The letter stated that UP Government gave approval for floating of a Joint Venture Company between the three authorities and State Government. The letter further stated that the State Cabinet also gave in-principle approval for the airport in a meeting a week ago. The Government signaled go-ahead only after approving the Techno-Economic Feasibility Report [TEFR] prepared by PwC [PricewaterhouseCoopers].

Shailendra Bhatia, OSD at YEIDA said that PwC submitted its report in April after which the YEIDA authority sought an in-principle approval from the Civil Aviation Ministry. The ministry had a meeting in the same month and gave approval for the Techno-Economic Feasibility Report [TEFR] which was then sent to the UP Government for final clearance.

The Yogi Aditynath-led UP Government plans to spend approximately Rs 4,000 crores to acquire 5,000 hectares falling in the vicinity of eight villages including Mukeempur Shivara, Ranhra, Parohi, Kishorpur and Dayanatpur. The Jewar airport project is estimated to offer one lakh employment opportunities and will also prove beneficial to ease the burden on Indira Gandhi International Airport, Delhi.

According to the Officials, YEIDA authority is in talks with the farmers whose plots are going to be acquired for the Jewar airport. The authority also carried out a Social Impact Assessment study and submitted its report to the UP Government. The officials further said that tenders are planned to float in the first week of July and the authority  is currently working on issues like getting Environmental clearance and land acquisition.