New Delhi: Airports Authority of India (AAI) said on Tuesday it has signed a joint venture agreement with the Government of Himachal Pradesh for the development of a greenfield airport at Nagchala, near Mandi district of the Himalayan state. The proposed airport will be developed through a joint venture company, wherein the Government of Himachal Pradesh will hold 51 per cent equity, and the remaining 49 per cent equity will be held by Airports Authority of India. The airport shall have a unidirectional runway capable of handling A-320 aircraft. The joint venture agreement was signed on Monday in the presence of Union Civil Aviation Minister Jyotiraditya Scindia and Himachal Pradesh Chief Minister Jai Ram Thakur. The projected land requirement for the airport is nearly 515 acres. The project is estimated to cost around Rs 900 crore, excluding the cost of land. The airport is expected to give a massive boost to the tourism industry in the state, the Airports Authority of India said in a statement.