The state government of Punjab and Airport Authorities of India (AAI) have signed the agreement for a joint venture for setting up new civil international air terminal at IAF Station Halwara in Ludhiana.
The pact was signed by Tejveer Singh, PS, Civil Aviation, for state government and GD Gupta, ED, AAI, in the presence of Punjab Chief Secretary Karan Avtar Singh and AAI Chairman Guruprasad Mahapatra.
The project will be implemented through a Joint Venture Company (JVC), with the majority stake of 51 per cent of the Airports Authority of India (AAI) and 49 per cent stake of the state government thorough the Greater Ludhiana Development Authority (GLADA).
While the AAI will bear all capital expenditure of development of the new airport, the state government will provide 135.54 acres free of cost and free of all encumbrances for the project and the JVC shall bear all expenditure on operation, management and maintenance, including repairs.
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