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GMR Infrastructure, on Friday, announced that its subsidiary GMR Airports signed a concession agreement for construction of the new international airport in Greece island Crete with its Greek partner Terna Group.
According to the GMR Infrastructure’s regulatory filing, the consortium intends to invest over EUR 500 million (approx Rs 4,034.28 crores) for development of the new airport. The company said that the concession agreement is for design, financing, operation, construction and maintenance of new international airport of Heraklion at Crete, Greece.
The company added that the concession period for the project is 35 years including phase 1 construction of five years. As per GMR Infra statement, the entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Greece government.
The project marks the entry of the GMR group in the European Union (EU) region, as the company is looking to expanding its footprint outside of India, and especially in the EU. The company also added, “Debt is not required in this project.”
