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HUDCO to provide financial assistance to YEIDA for project development at Jewar Airport

HUDCO's CMD M Nagaraj and YEIDA's CEO Dr Arunvir Singh have signed an MoU for providing financial assistance to the tune of over Rs 4,000 crore for various projects adjoining the up-coming International Airport at Jewar in Uttar Pradesh

HUDCO's CMD M Nagaraj and YEIDA's CEO Dr Arunvir Singh have signed an MoU for providing financial assistance to the tune of over Rs 4,000 crore for various projects adjoining the up-coming International Airport at Jewar in Uttar Pradesh.

New Delhi: Chairman & Managing Director (CMD) of Housing and Urban Development Corporation (HUDCO) M Nagaraj and Yamuna Expressway Industrial Development Authority's (YEIDA) Chief Executive Officer (CEO) Dr Arunvir Singh have signed a memorandum of understanding (MoU) for providing financial assistance to the tune of over Rs 4,000 crore for various projects adjoining the up-coming International Airport at Jewar, Uttar Pradesh. These would include land acquisition, development of industrial estates, electronic city, housing projects and associated infrastructure development on both sides of the Yamuna expressway over the next three years.

Backdrop

Earlier, YEIDA had chosen PwC (PricewaterhouseCoopers) as a consultant to study whether the upcoming airport at Jewar in Greater Noida can have four or six runways. While Zurich Airports has been awarded the contract to build and operate Jewar airport, which will act as a second airport for the capital city of New Delhi and will take some load off the IGI (Indira Gandhi International) Airport. Zurich Airport will operate the Jewar airport for a period of 40 years, which includes the construction period of four years. The UP government has earmarked 5,000 hectares of land in Jewar for an aviation and transport hub. Around 1,300 hectares of land will be handed over to Zurich Airport for the development of airport in the first phase. A study carried out by the government recently had said that the IGI Airport in New Delhi is set to exhaust its capacity of over 100 million by 2023-24.

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