Noida International Airport Limited, or NIAL, on Friday selected Zurich International AG develop and build the second international airport in the Delhi-National Capital Region in Uttar Pradesh’s Jewar town, Hindustan Times reported.

Zurich airport outbidded Delhi International Airport Limited, Anchorage Infrastructure Investment Holdings Limited and Adani Enterprise Limited. The company offered the highest bid of Rs 400.97 per passenger while Adani submitted the second-highest bid of Rs 360. Delhi International Airport offered Rs 351 per passenger while Anchorage offered Rs 205 for every passenger.

“Zurich International has been selected as a successful company as it offered the best price,” said NIAL’s Chief Executive Officer Arun Vir Singh. “Now the project would go to project monitoring and implementation committee that will meet on December 2 for required paperwork and then UP Cabinet will complete the process.” This was “a historic day as it will boost growth in this region”, Singh added.

CRISIL Infrastructure Advisory Director Jagannarayan Padmanabhan told CNBC-TV18 that it was important to give the concessionaire “an unencumbered site for development” at the earliest. “Also imperative that the overall aviation growth trajectory comes back to low teens at the earliest,” he added.

Zurich International had developed the Kempegowda International airport in Bengaluru in partnership with other companies, and exited the project in 2017. It has also developed eight airports in Latin America. “We are happy to work in Uttar Pradesh as this region has a huge potential,” said Zurich Airport Chief Executive Officer Daniel Bircher. “This region has infrastructure, traffic and big catchment area.”

NIAL’s Nodal Officer Shailendra Bhatia said everything related to the project had happened as per the timelines fixed, “be it land acquisition or getting clearances or the issuance of bid or selection of bidder”.

The Adityanath-led BJP government had formed the Noida airport company on September 25, 2018, for the the project. The project, whose idea was floated by former Uttar Pradesh chief minister and current Defence Minister Rajnath Singh in 2001, was put on the fast track by the state and central governments in 2016.