Jun 08, 2017: GMR Group, a leading global infrastructure conglomerate’s subsidiary GMR Airports Limited, has been selected to Develop, Operate and Manage the new international airport of Heraklion at Crete. This Greenfield airport will be in partnership with Greek infrastructure major TERNA S.A. (100% subsidiary of GEK TERNA Group). GMR Airports Limited will be the designated Airport Operator in the consortium for this project.
The scope of the project involves Design, Construction, Financing, Operation, and Maintenance and Exploitation of the New Heraklion Crete International Airport. The concession period for the project will be 35 years including Phase 1 Construction of 5 years.
Srinivas Bommidala, business chairman, GMR Airports said, “We are excited about the project and the opportunity to partner with GEK Terna in Greece. This new airport will 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.”
Sidharath Kapur, president, GMR Airports added, “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.”
Heraklion Airport, located in Crete, is the second largest in Greece and has witnessed steady traffic growth in the last 3-4 years. The existing Heraklion Airport hands over 6 million passengers annually and is facing capacity constraint. The new Kastelli Airport, once completed, will replace Heraklion airport.