YEIDA meets banks to fund Jewar airport project

Greater Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) on Friday held a meeting with representatives of leading financial institutions and banks regarding funds for the proposed international airport in Jewar.
Sources said the meeting followed a directive from chief secretary Rajive Kumar to finalise a bank or any other financial institution that would offer a loan at an attractive interest rate for the project.

In September last year, two central government agencies — Housing and Urban Development Corporation Limited (Hudco) and NCR Planning Board (NCRPB) — had agreed to give the entire loan for the project. While Hudco had agreed to give a loan of Rs 3,000 crore at an interest rate of Rs 10.5%, NCRPB had offered Rs 500 crore at 7.5% interest. The proposal had been forwarded to state government for an approval but little was heard since.

“We are in talks with the bankers and hope to get a good interest rate for the project,” said Arun Vir Singh, the CEO of YEIDA. “Once we have finalised the bank, we will forward a proposal to the state government for approval,” he added.

Singh said the YEIDA was also in the process of identifying a company to study modes of means of alternative connectivity between the Delhi airport, the capital city and the proposed Jewar airport in Greater Noida.

“A Request For Proposal will be initiated on Saturday to invite companies to participate in the process. The company will be selected within a month to study the modes of connectivity,” Singh said.

Singh said the study aimed at identifying the best suited public rapid transport system. “It will be based on an assessment of the demand, public affordability, population, transport network, regional connectivity, traffic data, NCR planning board plan 2032, etc,” he said. “The survey and financial analysis the selected company will undertake will be for the next 20 years,” he added.

“With a multi-modal connectivity plan in place, it will also make it attractive for the appointed concessionaire for the upcoming international airport at Jewar,” Singh said. “This whole exercise will be part of the bid document for appointment of the concessionaire for the airport,” he said.