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GMR Infra will develop the new international airport in Greece's Crete island

 2017-06-07 08:54:29.0

GMR Infra will develop the new international airport in Greeces Crete island

Tahlka News Bureau

NEW DELHI: GMR infrastructure today announced its subsidiary GMR Airport has been selected to develop, operate and manage the new international airport in Heraklion, Crete island of Greece, in partnership with Greek infrastructure major TENTRA S.A.

"GMR Airports will be the designated airport operator in the consortium for this project. Greece is a major international tourist destination with over 24 million tourist per anum," GMR Infrastructure said in a BSE filing.

Crete is the largest and the most visited island in Greece. Heraklion Airport, located in Crete, is the second largest in Greece Airport,and has witnessed steady traffic growth in the last 3-4 years.

The existing the Heraklion Airport is handling over 6 million passengers
and is facing capacity constraint. The new Kastelli Airport once completed, will replace Heraklion airport.

The scope of the construction involves design, construction, financing, operation and maintenance and exploitation of the New Heraklion Crete International Airport The concession period for the Greenfield project will be 35 years including Phrase 1 construction of 5 years.

GMR Airports Business Chairman Srinivas Bommidala said, "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."

The stock company was trading at Rs 16.55 apiece, up 1.85 per cent from its previous close on the BSE.


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