Noida International Airport Limited (NIAL), a joint venture (JV) company of the state government of Uttar Pradesh in India, has signed a licence memorandum to officially hand over the land for the development of Jewar Airport to Yamuna International Airport Private Limited (YIAPL).

With the handover of the 1,334ha of land, YIAPL, a 100% subsidiary of Zurich Airport International, is now all set to begin construction works at the site.

YIAPL has been incorporated as a special purpose vehicle (SPV) for the development of the $4.03bn (Rs300bn) greenfield Noida International Airport.

The project will be built on the outskirts of the Indian capital city New Delhi and the ground-breaking ceremony is likely to take place in the third week of this month.

Additionally, YIAPL is reportedly in the final stages of achieving financial closure of a nearly $500m (Rs.37.25bn) loan from the State Bank of India for executing the first phase of the airport project.

YIAPL CEO Christoph Schnellmann said: “We are pleased to confirm that over 1,300ha of land of the total 1,334ha have been handed over to us today for the development of Noida International Airport.

“So, we have received right of way for about 90% today and have signed a site inventory memorandum, which gives us the right of way to the available part of the site to commence construction activities.

“Our timeline to deliver the airport is three years after the complete land is made available. So, we are planning to complete work on phase-I of the airport development by end of 2024 with an investment of $766m (Rs57bn).”

Last month, Swiss developer Zurich Airport International entered a shareholder agreement with NIAL for the development of the Noida International Airport in Jewar, India.

As agreed, NIAL will hold the right to nominate two directors to the board, along with one golden share in YIAPL.