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After the approval of the new Foreign Direct Investment (FDI) policy by the Uttar Pradesh Cabinet, Noida International Airport Limited (NIAL) authorities said they will develop an aviation hub in the second phase of the international airport, which is being developed in Jewar.
NIAL is the implementing agency of the airport on behalf of the UP Government. Officials said that a 1000-acre area will be allotted for the project.
“For the second phase of Noida International Airport, we have acquired 1365 hectares of land, which is primarily for the maintenance & repair and overhaul (MRO) hub and Aviation hub. For MRO, we will invite Expressions of Interest (EoI) soon. Whereas, for the development of the aviation hub, it has been decided that 1000 acres of land (out of the acquired 1365 hectares) will be allotted,” said Dr Arun Vir Singh, CEO, Noida International Airport Limited.
“In this regard, a scheme for aviation manufacturing will be issued. The hub will be a centre of airplane assembling, engine manufacturing, and nozzles manufacturing, among others. Most of the important plane equipment manufacturing companies will take part in it,” said Singh.
Singh said many foreign companies have shown interest in the aviation hub. “We have talked to many foreign companies through the US embassy and they are interested in developing the aviation hub. They want to come to India. The new FDI policy will also felicitate in completing this. The new FDI policy has paved the way to give 75 per cent land subsidy, thus is a favourable opportunity for developing aviation manufacturing facilities in the country,” he added.
The scheme for the aviation hub will be issued by the NIAL. “The consulting firm PwC has got the work to prepare its layout. As soon as the layout is complete, the board meeting of NIAL will be held to approve the scheme. This will be a big opportunity for the employment generation also,” said NIAL CEO.
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Under the new FDI policy, overseas investors will get several benefits including exemptions in land acquisition, stamp duty, and capital investment. The companies will get a 75 per cent land subsidy, a capital subsidy of up to 100 crore, and 100 per cent state GST reimbursement for 10 years. Along with this, expenditure on training and skill development will be reimbursed by the government.
Singh said the scheme for the aviation hub will be issued in November. “It was felt at the government level that it is necessary to encourage FDI. Some states such as Telangana, Andhra Pradesh, and Tamil Nadu are doing very well in terms of FDI. Hence this policy for 100 per cent FDI and attracting Fortune 500 companies,” said Singh.
With the first phase spread across 1,334 hectares, the Noida International Airport (NIA) at Jewar is being developed by Yamuna International Airport Private Limited (YIAPL), which is a subsidiary of Zurich Airport International AG. Once its expansion is complete and its six proposed runways are operational, it is expected to be among India’s biggest airports.
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