NEW DELHI: The Yamuna International Airport Private Limited (YIAPL) received the final credit sanction for Rs 3,725 crore from the State Bank of India (SBI) for the development of the Noida international airport at Jewar in Uttar Pradesh.
The funding 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 airport.
Christoph Schnellmann, Chief Executive Officer, YIAPL said, “We are extremely delighted to partner with SBI, country’s largest bank, for financing the development of the airport. The loan of Rs 3,725 crore has been underwritten by SBI on a door-to-door loan tenor of 20 years. We look forward to working closely with SBI to develop Noida international airport as a world class airport in India.”
The airport is being developed in close partnership with UP government and the Centre. Airport officials said that YIAPL now looks forward to the conclusion of UP government’s resettlement and rehabilitation process and the start of construction of the airport.
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.
ZAIA, a fully owned subsidiary of Flughafen Zurich AG, is injecting Rs 2,005 crore into the development of airport.