By IANS,
Chandigarh/New Delhi : A joint venture company, Chandigarh International Airport Private Limited, has been formed between the Airports Authority of India (AAI) and governments of Punjab and Haryana for the execution of a multi-million project for an international airport at Chandigarh.
The JV agreement was signed between the three parties in New Delhi Thursday. AAI chairman V.P. Agarwal was present along with officials from both states.
The airport project, to be developed over an area of over 300 acres of land at village Jheorheri in Punjab, adjoining state capital Chandigarh, will actually be an extension of the existing defence airport at Chandigarh. The Chandigarh international airport will have an international terminal in Mohali town, near Chandigarh.
The existing airport at Chandigarh is used for private and defence flights. The runway is being extended to upgrade it to international standards.
All three sides had signed a memorandum of understanding January 2009 for the development of the international airport. The airport project was to cost Rs.1,000 crore (10 billion).
The central government (ministry of civil aviation) has a 51 percent equity share while both states have a 24.5 percent share each.
The Punjab assembly has already forwarded a resolution to the central government for naming the airport as ‘Shaheed-e-Azam Sardar Bhagat Singh International Airport’.