GMR Airports is the designated airport operator in the consortium for the Greek project, the release said. The project involves design, construction, financing of the new Heraklion airport.
The concession period for the greenfield project would be 35 years, including phase- 1 construction of five years, it said. The expected capital expenditure for the phase-1 construction is approximately 520 million Euro, the release said. The entire project would be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Greek government, it added.
GMR group business chairman, Energy and International Airports Srinivas Bommidala, said in the release that “it is a matter of great pride for us to work on this prestigious airport. Along with our partner GEK Terna, we will aim to deliver an airport of global standards which will be a matter of pride for Greece…” The current airport at Heraklion is facing capacity constraint, hence the new airport would replace the existing one, the release added.