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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 per cent and 12.5 per cent shareholders, respectively, in the Greenfield airport being built as a public-private partnership project.
Besides them, the Uttar Pradesh government holds a 37.5 per cent stake in the project while the Yamuna Expressway Authority has another 12.5 per cent share in it.
The decision for the release of funds were taken during the board meetings of the Noida Authority and the Greater Noida on Wednesday.
Uttar Pradesh Infrastructure and Industrial Development Commissioner Arvind Kumar had chaired the meetings in presence of Ritu Maheshwari, the CEO of both the authorities.
“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 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, some 75 km off Delhi.
The first phase of the airport is scheduled to be completed by September 2024, according to an official.
(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.)
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