Zurich Airport International has signed the concession agreement for the development of Jewar Airport, known as Noida International Airport, on the outskirts of Delhi, India.

The Swiss firm, which won the bid for building the greenfield airport last November, signed the agreement with the special purpose vehicle (SPV) Yamuna International Airport (YIAL).

The concession agreement grants the Swiss developer the licence to design, build and operate Noida International Airport (NIAL) for a period of 40 years.

NIAL, which is being built on the public-private partnership (PPP) model, is touted to become India’s biggest airport upon the completion.

The airport’s construction is set to start next year and the first phase is expected to be completed in 2024.

NIAL CEO Arun Vir Singh said: “After the work on the first phase is completed, we are expecting 12 million to 16 million passengers annually at the Jewar airport.

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“This world-class airport will not only connect western UP region with other domestic and international destinations, but also provide additional capacity to the Delhi NCR region. Together, we look forward to building India’s leading airport, which boasts of quality, efficiency, technology and sustainability. We are very excited to begin work as we move ahead with a vision to co-create a world-class facility.”

The construction of the airport is expected to be fully completed in 2040. It will have two runways, two terminal buildings and parking bays for 102 aircraft.

According to the bid document made public by Yamuna Expressway Industrial Development Authority last year, the airport will have a capacity to handle 70 million passengers a year.