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GMR Airports wins Greece airport project
GMR Infrastructure on Wednesday announced that its subsidiary GMR Airports has bagged a major project to develop, operate and manage the new international airport in Heraklion, Crete island of Greece. GMR Airports will execute the project in partnership with Greek infrastructure major Terna S.A, a 100 per cent subsidiary of GEK Terna Group. The Greek ministry of infrastructure estimated the constr
Will develop new intl airport in partnership with Greek infra major Terna
Hyderabad: GMR Infrastructure on Wednesday announced that its subsidiary GMR Airports has bagged a major project to develop, operate and manage the new international airport in Heraklion, Crete island of Greece. GMR Airports will execute the project in partnership with Greek infrastructure major Terna S.A, a 100 per cent subsidiary of GEK Terna Group. The Greek ministry of infrastructure estimated the construction cost at 850 million euros.
Spreading Wings :
- Construction cost estimated at euros 850 mn
- Existing Heraklion airport handles 6 mn passengers P.A
- New Kastelli airport, once completed, will replace Heraklion airport
- This is its 2nd foray into Europe after Istanbul
GMR Infrastructure in a communiqué to BSE filing said: “GMR Airports will be the designated airport operator in the consortium for this project. Greece is a major international tourist destination, with 24 million tourists per annum.”
Srinivas Bommidala, Chairman, GMR Airports Business, said: “The airport is in line with the asset light strategy, we have adopted for overseas expansion and will see GMR participate in project management and commercial management in addition to airport operations.”
Crete is the largest and the most visited island in Greece. Heraklion Airport, located in Crete, is the second largest in Greece and has witnessed steady traffic growth in the last 3-4 years. The existing Heraklion Airport is handling over six million passengers annually and facing capacity constraint.
Sidharath Kapur, President, GMR Airports Ltd, adds: “This selection reinforces the position of GMR Airports as a major global airport operator. This will be GMR Group’s second foray into Europe after having developed Istanbul’s Sabiha Gokcen airport. Having been selected, we expect to complete necessary documentation and concession signing over the next few months.”
The new Kastelli Airport, once completed, will replace Heraklion airport. The scope of the project involves design, construction, financing, operation, and maintenance and exploitation of the New Heraklion Crete International Airport. The concession period for the Greenfield project will be 35 years including phase-1 construction of 5 years.
By Business Bureau
