GMR, Greek giant GEK Terna to build airport in that country

GMR Airports Limited here has been selected to develop, operate and manage the new international airport of Heraklion at Crete in Greece, in partnership with Greek infrastructure major Terna SA. GMR Airports Limited will be the designated airport operator in the consortium for this project, according to a press release.

GMR Airports Limited is a subsidiary of GMR Infrastructure Ltd, while Terna SA is a 100 per cent subsidiary of GEK Terna Group.

"The construction cost is estimated by the Greek ministry of infrastructure at around 850 million euros," a GEK Terna official had earlier said.

The existing Heraklion Airport in Crete is the second largest in Greece and has witnessed steady traffic growth in the last 3-4 years. It is currently handling over six million passengers annually and is facing capacity constraint.

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

"The airport is in line with the 'asset light' strategy we have adopted for overseas expansion and will see GMR participate in project and commercial management in addition to airport operations," he said.

The new airport, once completed, will replace the Heraklion airport. The scope of the project involves design, construction, financing, operation, and maintenance and exploitation of the new Heraklion Crete International Airport.