Indian-Greek venture offers 480 mn euros to build Crete airport: Sources

Indian-Greek venture offers 480 mn euros to build Crete airport: Sources

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Crete

Sources state that the only bid submitted to build an airport on the island of Crete was priced at 480 million euros ($509.42 million), well below the expected 850 million. It was only in the last year that a joint venture of India’s GMR Infrastructure and Greek construction group GEK TERNA submitted the bid.

Since 2010, several attempts have been made by Greece to build the airport at Kasteli but due to the country’s seven-year debt crisis it has been difficult to attract investors. According to one source, the process for evaluation is expected to conclude next month. The infrastructure ministry was not available for immediate comment.

The public-private partnership project worth 850 million euros as estimated by the ministry will replace the ageing Heraklion airport. Heraklion is the second largest airport in Greece that handles nearly six million tourists a year. An important source of revenue for the Greek economy is tourism. About 27 million visitors are expected this year by the country, up from 25 million last year. The winning bidder is expected to operate the airport for 37 years.

News Source: economictimes.indiatimes.com

Image Source: airportcheck.nl

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