Zurich Airport International AG signed a key agreement with the Noida International Airport Limited (NIAL) on Wednesday. The agreement allows the Swiss developer to begin work at the site of the upcoming Jewar airport near Delhi, PTI reported.

The airport is estimated to cost Rs 29,560 crore.

The  ‘concession agreement’ for the Greenfield airport was inked between NIAL and the Yamuna International Airport Private Limited (YIAPL).

YIAPL is a special purpose vehicle floated by the Zurich Airport for the project.

The airport is being developed at Jewar in Gautam Budh Nagar, UP. YIAPL is the implementing authority. The project is being developed through a PPP (Public-Private Partnership) model.

“Yes, the concession agreement has been signed,” NIAL’s Nodal officer for Jewar airport Shailendra Bhatia said on Wednesday, PTI reported.

The concession agreement would allow the Switzerland-headquartered company to construct and maintain the airport that is being built on the public-private partnership (PPP) model and is billed to be the biggest in India upon completion, Bhatia said.