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The Noida International Airport Limited (NIAL) has signed a pact with the Zurich Airport International on Saturday (17 July) for the development of the international airport at Noida's Jewar.

The shareholder agreement was signed by NIAL CEO Arun Vir Singh and Yamuna International Airport Private Limited's (YIAPL) chief executive Christoph Schnellmann in the presence of UP Chief Minister Yogi Adityanath.

It should be noted that YIAPL is a 100 per cent owned subsidiary of Zurich Airport International. It has been incorporated to develop the Noida International Airport in Jewar, reports Economic Times.

As per the agreement, NIAL can nominate two directors to YIAPL board and will also hold one golden share in the entity.

"The directors to be added to the board will be Arun Vir Singh, CEO NIAL, and Vishak Iyer, Director, Civil Aviation, Government of Uttar Pradesh," according to a statement.

"The signing of the shareholder agreement is the next step in the direction of progress for the state. The Noida International Airport will be the benchmark for a modern, world-class airport in India," CM Yogi Adityanath was quoted in the statement as saying.

"It will accelerate the development of industrial infrastructure, boost tourism, promote exports, ease air traffic and lead to creation of more jobs in the state. It will generate multi-dimensional progress, leading to economic development in Uttar Pradesh," he added.