Now, GMR gets Letter of award to develop airport in Greece!

By: |
Hyderabad | September 21, 2018 6:29 PM

The Greek government Friday issued a Letter of Award to the consortium of GMR Airports Limited for the development, operations and management of the new international airport of Heraklion on Crete island in Greece.

Greek government, GMR Airports Limited,  Terna Group, Energy and International Airports, airport in greeceGMR Airports is the designated airport operator in the consortium for the Greek project, the release said. (Representative image: Reuters)

The Greek government Friday issued a Letter of Award to the consortium of GMR Airports Limited for the development, operations and management of the new international airport of Heraklion on Crete island in Greece. GMR Airports Ltd, a subsidiary of GMR Infrastructure Ltd, and Greece-based Terna Group are members of the consortium, a press release from GMR said here. GMR Airports is the designated airport operator in the consortium for the Greek project, the release said. The project involves design, construction, financing of the new Heraklion airport.

The concession period for the greenfield project would be 35 years, including phase- 1 construction of five years, it said. The expected capital expenditure for the phase-1 construction is approximately 520 million Euro, the release said. The entire project would be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Greek government, it added.

GMR group business chairman, Energy and International Airports Srinivas Bommidala, said in the release that “it is a matter of great pride for us to work on this prestigious airport. Along with our partner GEK Terna, we will aim to deliver an airport of global standards which will be a matter of pride for Greece…” The current airport at Heraklion is facing capacity constraint, hence the new airport would replace the existing one, the release added.

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