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GMR-Terna to build new airport in Greece
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SME Times News Bureau | 22 Feb, 2019
GMR Airports Limited, along with its Greek partner Terna Group, will
develop the new international airport of Heraklion at Crete, Greece.
On
Friday, the consortium signed a concession agreement for design,
construction, financing, operation, maintenance and exploitation of the
new airport for a period of 35 years, including five years of its first
phase construction.
Located in Greece's largest and most visited
island of Crete, Heraklion airport is the second largest in that country
and has registered traffic growth at a CAGR of 10 per cent per annum
over the past three years.
The existing airport is facing a severe capacity constraint and will be replaced by the new airport at Crete.
The
consortium intends to invest over 500 million Euros for development of
the new airport. The entire project will be funded through a mix of
equity, accruals from the existing airport, and financial grant provided
by the government of Greece, said GMR Airports Limited, a subsidiary of
GMR Infrastructure Limited.
"This is GMR Group's first foray
into the European Union (EU) region and we eagerly look forward to
expanding our footprint there. The signing of the Concession Agreement
is a significant milestone in the growth journey of GMR Airports and
reinforces our leadership position," said Srinivas Bommidala, Business
Chairman, Energy and International Airports.
GMR Group's airport
portfolio has around 159 million passenger capacity in operation and
under development, comprising India's busiest Indira Gandhi
International Airport in New Delhi, Hyderabad's Rajiv Gandhi
International Airport and the Mactan Cebu International Airport in
partnership with Megawide in the Philippines.
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