(THE NEWSMAN OF INDIA.COM)
New Delhi, 15th January, 2020: Airports Authority of India today signed a Memorandum of Understanding (MoU) with the Government of Himachal Pradesh (GoHP) for the development of a Greenfield Airport at Nagchala near Mandi in Himachal Pradesh. The MoU was signed by H.S. Balhrara, Executive Director (Planning) from AAI and Yunus, IAS, Director, Department of Tourism & Civil Aviation from GoHP at AAI`s Corporate Headquarters, Rajiv Gandhi Bhawan, New Delhi in the presence of Arvind Singh, Chairman, AAI, A K Pathak, Member (Planning), AAI, Shri Vineet Gulati, Member (ANS), AAI and senior officials of AAI. Government of Himachal Pradesh had expressed their interest to Ministry of Civil Aviation, Government of India for construction of a Greenfield Airport at Nagchala near Mandi. Initially, the airport will be suitable for operation of aircraft up to ATR 72. The development of the Greenfield Airport with unidirectional runway will be implemented through a Joint Venture Company (“JVC”) wherein AAI will hold 51% equity and the remaining 49% equity will be held by the GoHP or its designated agency.

The JVC will undertake the functions of designing, developing, constructing and completion of the Airport (“Project”) including finance, for commercial civil aviation operation as well as undertake operation, maintenance, management of the Airport in accordance with the terms and conditions of the MOU.

AAI will soon incorporate a JVC under Companies Act, 2013 and will also execute a Joint Venture Agreement and Shareholders Agreement with GoHP and Communication, Navigation, Surveillance and Air Traffic Management (CNS / ATM) Agreement with JVC.