GMR Airports has signed a concession agreement with its Greek partner Terna Group to construct a new international airport in the Greek island of Crete, reports Press Trust of India (PTI).
The two companies together are planning to make an investment of over EUR 500 million or approx Rs 4,034.28 crore in the project. The concession agreement involves design, construction, financing, operation and maintenance of the new international airport of Heraklion at Crete.
“The concession period for the project is 35 years including phase 1 construction of five years,” the company stated.
Crete is the largest and most populous of the Greek islands with a population of around 6,23,100 (2011). It was once the centre of the Minoan civilisation (c. 2700–1420 BC), which is the earliest known civilisation in Europe.
GMR, which is the largest private airport company in India, is also among the top five private airport developers and operators globally. While it presently owns and operates Delhi International Airport and Hyderabad International Airports, it also recently won a concession to develop and operate Goa’s Greenfield airport.
The company is also the only private airport in the country to have operations outside of India. In partnership with Megawide Construction Corporation of Philippines, GMR currently operates and develops Mactan Cebu International Airport – the second largest airport of Philippines.
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