Government of Greece has issued Letter of Award to the consortium of GMR Airports, a subsidiary of GMR Infrastructure, and TERNA Group for the Development, Operations and Management of New International Airport of Heraklion at Crete. GMR Airports is the designated Airport Operator in the consortium for this project.
The current airport is facing capacity constraint and hence the new airport will replace the existing Heraklion airport. The concession period for the Greenfield project will be 35 years including Phase 1 Construction of 5 years. The Expected CAPEX for Phase 1 construction is approximately 520 million euro. The entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Government of Greece, therefore debt is not required in this project.
GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.