The 2.1km-long guided mass rapid transit passenger system will run between two purpose-built stations, heading out from Stirling Place, close to Luton Airport Parkway station, to the airport terminal.
The joint venture secured the project with a £119m bid to build viaducts, embankments, cut and cover works and station platforms.
New viaduct for mass passenger transport system
Some of the works will be within the airside sections of the airport.
Austrian specialist Doppelmayr Cable Car will deliver rolling stock, operation and maintenance under a £55m contract.
The scheme forms part of an ambitious £1.5bn inward investment programme revealed by the council, which outlines a 20-year plan for major transformation of the town.
The transit system is due to open in 2021.
An artist’s impression of new Luton Parkway station
The link to be funded by the council, which owns the airport, would reduce the journey time to London to just 30 minutes.
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