GMR Infrastructure today said its subsidiary GMR Airports has been selected to develop, operate and manage the new international airport in Heraklion, Crete island of Greece, in partnership with Greek infrastructure major TERNA S.A.
"GMR Airports will be the designated airport operator in the consortium for this project. Greece is a major international tourist destination, with 24 million tourists per annum," GMR Infrastructure said in a BSE filing.
Crete is the largest and the most visited island in Greece. Heraklion Airport, located in Crete, is the second largest in Greece and has witnessed steady traffic growth in the last 3-4 years.
The existing Heraklion Airport is handling over 6 million passengers annually and facing capacity constraint. The new Kastelli Airport, once completed, will replace Heraklion airport.
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 Greenfield project will be 35 years including phase 1 construction of 5 years.
GMR Airports Business Chairman Srinivas Bommidala said: "The airport is in line with the asset lite strategy we have adopted for overseas expansion and will see GMR participate in project management and commercial management in addition to airport operations."
The stock of company was trading at Rs 16.55 apiece, up 1.85 per cent from its previous close on the BSE.