• GMR to build, operate New Heraklion Airport in Greece

    GMR Airports Limited said that it has been selected to develop, operate and manage the new international airport of Heraklion at Crete in Greece in partnership with Greek infrastructure firm Terna SA. This will be the second project to be handled by the subsidiary of GMR Infrastructure Ltd in Europe, after it developed Istanbul’s Sabiha Gokcen airport.

    The company said in a press release on Wednesday that it 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 five years,” it said.

    “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 press release quoted GMR Airports’ business chairman Srinivas Bommidala as saying.

    “The airport is in line with the asset-light 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, which has built and operates airports in Delhi and Mumbai, had last year won the competitive bid for development and operation of the Rs 3,000 crore Mopa Greenfield Airport in Goa.

    The concession period for the greenfield project will be 40 years, with a possible extension of another 20 years through a bid process. The airport will also be built under the build-operate-transfer or BOT model. The company has also developed the Mactan Cebu International Airport in Philippines.

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