YEIDA doubles allocation for Jewar airport to Rs 805 crore

The Yamuna Expressway Industrial Development Authority (YEIDA) has recently announced its budget for 2023-24 and allocated a sum of Rs 805 crore for the Noida International Airport besides Rs 500 crore for the multi-modal connectivity project.

The YEIDA, which functions under the Uttar Pradesh government's industrial development ministry and manages land along the 165-km-long Yamuna Expressway, has a 12.50 per cent stake holding in the Noida International Airport.

Announcing the annual budget of YEIDA after its 76th board meeting in Greater Noida, YEIDA CEO Arun Vir Singh said for 2023-24, the authority has set a target of Rs 5,557 crore in earnings and has earmarked an expenditure of Rs 5,569 crore.

According to an official statement, the YEIDA has earmarked Rs 805 crore for the Noida International Airport and Rs 500 crore for the multi-modal connectivity project for 2023-24.

Among other key expenditures in the fiscal, it has allocated a sum of Rs 1,851 crore for land acquisition, Rs 1,359 for development and construction works, the statement said.

The proposed budget for 2023-24 is 23 per cent higher than the budget for 2022-23 and is two times the revised budget for the ongoing fiscal, it noted.

The YEIDA also said that it took no new bank loans in 2022-23 but made repayments worth Rs 533.11 crore during the fiscal.

The Noida International Airport is currently under development at Jewar, some 75 kilometres off Delhi. The greenfield airport is being developed by Yamuna International Airport Private Limited, a fully-owned subsidiary of Zurich International Airport AG.

The first phase of the airport is scheduled to be completed by September 2024.