Tata Projects will build the national capital region’s new airport at Jewar, after outbidding the Shapoorji Pallonji Group and Larsen & Toubro for the contract. While the deal size has not been disclosed, sources pegged it at over Rs 6,000 crore. Tata Projects, the infrastructure and construction arm of the Tata group, will construct the terminal, runway, airside infrastructure, roads, utilities, landside facilities and other ancillary buildings at the Noida International Airport.
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About the contract:
- The new airport is expected to be functional by 2024.
- With the closure of the EPC contract, the first phase of the airport is on track to be delivered within three years of the commencement of the concession period.
- According to the contract terms for the Jewar airport, a fine of Rs 10 lakh per day will be levied on the developer of the upcoming Noida International Airport in case of a project delay.
Important takeaways for all competitive exams:
- Tata Headquarters: Mumbai;
- Tata Founder: J. R. D. Tata;
- Tata Founded: 1945, Mumbai.