Punjab government and AAI sign agreement for setting up JV for Halwara Civil Terminal

The Punjab government signed an agreement with the Airports Authority of India (AAI) for setting up a joint venture (JV) for the development of the Halwara Civil Terminal Building Project on June 12, 2019. As per the agreement, AAI will have a majority stake of 51 per cent and the state government, through the Greater Ludhiana Area Development Authority, will own 49 per cent stake in the JV. Besides, AAI will bear all the capital expenditure required for the development of the new airport while the Punjab government will hand over 135.54 acres of land free of cost and encumbrances to the JV. The JV will bear all expenditure on operations, management and maintenance including repair works at the airport. Earlier, in December 2018, an MoU was signed for the development of the project. Once work commences, work on Phase I of the project is expected to be completed by 2021.