GMR Infrastructure subsidiary GMR Airports Ltd., in partnership with Greek infrastructure firm Terna S.A., has bagged the project to develop, operate and manage the new international airport of Heraklion at Crete Island, Greece.
It will be the designated airport operator in the consortium for the greenfield project. The concession period will be 35 years, including Phase 1 construction of five years. The scope of the project involves design, construction, financing, operation and maintenance and exploitation of the New Heraklion Crete International Airport.
The construction cost has been estimated to be about €850 million, it is learnt.
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‘Largest Greek island’
Announcing that the consortium has emerged as the successful bidder, a GMR release on Wednesday said Crete is the largest and the most visited island in Greece.
Heraklion airport, in Crete, is the second largest in Greece and has witnessed steady traffic growth in the last 3-4 years. The airport handles more than six million passengers annually and is facing a capacity constraint. The new Kastelli Airport, once completed, will replace the Heraklion airport. This will be the GMR group’s second foray into Europe after having developed Istanbul’s Sabiha Gokcen airport. GMR Airports president Sidharath Kapur said, “Having been selected, we expect to complete necessary documentation and concession signing over the next few months.”
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GMR Airports Business chairman Srinivas Bommidala said GMR would participate in project and commercial management in addition to airport operations. In India, GMR has developed and operates the international airports in New Delhi and Hyderabad.