GMR Airports, a subsidiary of GMR Infrastructure, in collaboration with Greek infrastructure firm Terna, a subsidiary of GEK Terna Group, has been chosen to develop, operate and manage the new international airport of Heraklion at Crete.
GMR Airports will assume the role of the airport operator for the project. The scope of the project involves design, construction, financing, operation, and maintenance & exploitation of the New Heraklion Crete International Airport.
GMR said that the existing Heraklion Airport is handling more than six million passengers annually and is facing capacity constraint. The new Kastelli Airport, upon completion, will replace Heraklion airport.
The concession period for the Greenfield project will be 35 years, including phase once construction of five years.
GMR Airports business chairman Srinivas Bommidala said: “We are excited about the project and the opportunity to partner with GEK Terna in Greece. This new airport will definitely boost the tourism industry and aid the growth of international tourists that Greece has been witnessing over the past couple of years.
“The airport is in line with the asset lite strategy we have adopted for overseas expansion and will see GMR participate in project management and commercial management in addition to airport operations.”
GMR Airports president Sidharath Kapur said: “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, we expect to complete necessary documentation and concession signing over the next few months.”