The MoU was signed by Himachal Pradesh government with Sky Way Technology Corporation, a transport and infrastructural development company of Belarus.
Himachal Pradesh Urban Development Minister Sudhir Sharma said the facility would be started in the next three years.
Dharamshala would be the first town in the state to provide this transport facility at reasonable rates.
He said the facility would be developed in two phases in a radius of 15 kilometres in Dharamshala.
In the first phase, 8 kilometre-long airway would be constructed for which the work would start in next three months, whereas the remaining work would be completed in the second phase.
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Passengers will have to spend Rs 60 for travelling a distance of 15 kms and as many as 20,000 passengers would be able to use the facility in a single day.
He claimed this is an accident-free transport service and there would be no impact of earthquake on it as well.
The minister said Rs 38 crore would be spent on developing one-km skyway track.
The facility, he said, would not only benefit tourists visiting Dharamshala, but also locals who could transport their goods through it.
The aim of the facility would be to attract tourists in the state.