Yamuna International Airport Private Limited (YIAPL) has announced that it has secured the final approval for the masterplan of the Noida International Airport (NIA) project.

The masterplan, developed in close collaboration with aviation consultants Landrum & Brown and Zurich Airport International, provides the strategic direction for the development of the airport from the opening day to the end of the 40-year concession period.

Airports Authority of India (AAI), Directorate General of Civil Aviation (DGCA), Bureau of Civil Aviation Security (BCAS) and other environmental authorities have green-lighted the plan.

YIAPL CEO Christoph Schnellmann said: “The approval of the masterplan is a pivotal milestone, as it paves the way for the development of Noida International Airport for the next 40 years.

“The masterplan reflects the goals and objectives set, by providing solutions that are financially prudent, cost-effective and commercially sound. At the heart of it remains passenger convenience.”

The masterplan accommodates two runways for the 40-year concession period. However, the State Government of Uttar Pradesh plans five runways at the airport to meet passenger demand.

The airport will be developed in four phases. At the end of first phase, NIA will be capable of handling around 12 million passengers annually. This capacity will increase to 70 million at the end of the fourth phase.

YIAPL is a special purpose vehicle (SPV) created for the development of the greenfield NIA, also called Jewar Airport.

Recently, YIAPL achieved financial closure for the airport project after raising $500.4m (Rs37.25bn) in debt from the State Bank of India (SBI).