The joint venture company (JVC) for the Chandigarh International Airport at Mohali was finally registered under the Companies Act 1956. Apart from operating and maintaining the international airport, the JVC will also operate in aircraft maintenance, technical and education institutions and promotion of tourism and culture.
The joint venture has come into existence as the Chandigarh International Airport Limited only after it was registered and incorporated under the Companies Act,1956. Earlier, the parties had only formed a mutual agreement and consent which could not be termed as a legal body.
With the registered office situated at Chandigarh, the company has been formed on January 28 with a share capital of Rs 20 crore. There are nine Managing Directors-five from Delhi, three from Chandigarh and one from Patiala. The ownership rights are divided as 24.5 per cent each by Punjab and Haryana with a major stake of 51 per cent with the Airport Authority of India (AAI).
The company would also develop and provide consultancy services in airports construction and management services and operations related to airport ground aids and facilities connected therewith. Also, to establish, provide and maintain research laboratories and experimental workshop for scientific and technical research.
Recently, the AAI has started the construction work at the site with the first phase at an estimated cost of Rs 3 crore. The Greater Mohali Area Development Authority (GMADA) had handed over 305 acres 7 kanals 17 marlas of land to the AAI in September 2008.
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