New Delhi, Jan 15 (IANS): A memorandum of understanding for development of a greenfield airport at Nagchala in Mandi district of Himachal Pradesh was signed between the state and the Airports Authority of India (AAI) here on Wednesday.
Director Tourism and Civil Aviation Yunus on behalf of the state and AAI Executive Director Planning H.S. Balhara signed the agreement in the presence of AAI Chairman Arvind Singh.
The development of airport will be through a joint venture company (JVC) wherein the AAI will hold 51 per cent equity and the remaining will be held by state or its designated agency.
The JVC will undertake the functions of design, finance, construction and completion of the airport project for commercial civil aviation operation and maintenance and management of the airport.
The state will acquire and transfer land for airport to the JVC.