The Yamuna International Airport (YIAPL) has secured $510.27m (Rs37.25bn) funding from the State Bank of India (SBI) for the development of the Noida International Airport in Uttar Pradesh, India.

As reported in CNBC-18, the complete loan amount has been approved on a door-to-door loan tenor of 20 years.

The Noida International Greenfield Airport will be built near Gautam Budh Nagar in Uttar Pradesh. The project will entail an investment of around $4.11bn (Rs300bn).

The airport is planned to be developed in four phases. The first phase, currently underway, will be developed on approximately 1,300ha land.

It is expected to commence commercial operations by December 2023 or January 2024.

Swiss developer Zurich Airport International, the main shareholder of YIAPL, is also providing $274.66m (Rs20.05bn) financing for the development of the Noida International Airport.

YIAPL CEO Christoph Schnellmann was quoted in the Times of India as saying: “We are extremely delighted to partner with SBI, the country’s largest bank, for financing the development of the NIA.

“The entire 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 NIA as a world-class airport in India. The project will not only boost the Indian economy but will also help in employment generation in Uttar Pradesh and Delhi NCR region.”

In March, the state government of Uttar Pradesh (UP) has signed a state support agreement with Noida International Airport in India.

Under the deal, the UP-state Government will create and improve surface access to the airport. It will also develop utilities essential to running the airport, sustain law and order and provide the necessary clearances to build and run the airport.