The Government of Punjab and the Airport Authority of India signed the Agreement for a Joint Venture for setting up New Civil International Air Terminal at IAF Station Halwara, Ludhiana.Earlier, the Government of Punjab had signed an MoU with the MoCA and Airports Authority of India (AAI) for the same.An official spokesperson said that the agreement was signed by Sh. Tejveer Singh, PS Civil Aviation for Govt of Punjab and Mr GD Gupta, ED AAI; in presence of the Punjab Chief Secretary Mr. Karan Avtar Singh and AAI Chairman Mr. Guruprasad Mahapatra.The project shall be implemented through a Joint Venture Company (JVC) is formed with the majority stake of 51% of the Airports Authority of India (AAI) and 49% stake of the State Government thorough the Greater Ludhiana Development Authority (GLADA).As per the agreement, the Airports Authority of India (AAI) shall bear all capital expenditure of development of new airport; while the Government of Punjab shall provide 135.54 acres of land free of cost and free of all encumbrances for the project and the JVC shall bear all expenditure on operation, management & maintenance including repairs.It is expected that Phase I of the project i.e. Development of New International Civil Enclave in 135.54 acres for full-fledged operations upto Code-4C type of aircraft shall be completed within 2 years.