GMR Airports Limited, a subsidiary of GMR Infrastructure Limited, and its Greek partner TERNA Group on 22nd February 2019 signed the Concession Agreement for design and construction of a new international airport at Heraklion in Crete, Greece. The project has been provided the concession period of 35 years, along with a construction period of 5 years for the phase-1 of the project. According to a press release, “Crete is the largest and most visited island in Greece and Heraklion airport is the second largest in the country with registered traffic growth of 10% annually over the past three years. But it is facing a severe capacity constraint and would be replaced by the new airport.”
The approved investment price for this project has been estimated to invest over €500 million for the construction of the new airport. The entire project’s funding will be a mix of equity and accruals from the existing airport and financial grant by the Government of Greece.
“This is GMR Group’s first foray into the EU region, and we eagerly look forward to expanding our footprint. New Heraklion airport is a landmark PPP project for Greece, and it’s a matter of great pride for us to work on this,” said GMR’s business chairman (energy and international airports) Srinivas Bommidala. The current airport (second largest in Greece), will be replaced by the new airport which will also help boost it to be a fillip to this premier tourist destination.
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