Published On: Fri, Jun 9th, 2017

GMR Infra Wins Greece Airport Development Project

GMR Infra Wins Greece Airport Development Project: – GMR Airports Ltd, a subsidiary of GMR Infrastructure Ltd, wins a major project to construct, operate and manage an international airport in Heraklion, Crete island of Greece, its second international airport after Mactan-Cebu International Airport (MCIA) in the Philippines.

GMR will partner with Greek infrastructure major Terna S.A, a 100 percent subsidiary of GEK Terna Group. The Greek ministry of infrastructure estimated the construction cost at 850 million euros.

The scope of the project involves design, construction, financing, operation, and maintenance. The concession period for the new project will be 35 years, including 5 years for phase 1 of construction.

The current Heraklion airport is the second largest airport in Greece and has witnessed steady traffic growth in the last 3-4 years handling over 6 million passengers annually and is facing capacity constraint. The new airport, once completed, will replace Heraklion airport.

Srinivas Bommidala, Chairman, GMR Airports Business, said that the airport is in line with the asset-light strategy, they have adopted for overseas expansion and will see GMR participate in project management and commercial management in addition to airport operations.

GMR Infrastructure in a communiqué to BSE filing said that 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.

Sidharath Kapur, President, GMR Airports Ltd, adds that 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, they expect to complete necessary documentation and concession signing over the next few months.

Last year, GMR also won the bid to build Goa’s second airport, expected to cost Rs. 3,000 crore, gaining an opportunity to tap tourist traffic to the north of the state. The present airport at Dabolim in Goa has exceeded its capacity of handling five million passengers a year.

© 2014 Media N Press Communications. All Rights Reserved.
Subscribe to Infrabuddy Newsletter